WTI ends week with heavy losses 8: 0 D Employment report showed wages slowing as labor market remains resilient. WTI failed to capitalize on US dollar weakness after US Services PMI declined. West Texas Intermediate (WTI), the US crude benchmark, is hovering around $73.70, almost flat, even as the US dollar (USD) weakened sharply amid mixed volatility. . US economic data, although worries about a global recession weighed on oil prices. At the time of writing, WTI was trading at $73.71. Wall Street is poised to end Friday’s session with massive losses, boosted by disappointing PMI indexes. The ISM Services PMI fell to 9.6, the lowest reading from 55, the lowest reading since May 2020. Meanwhile, the US economy added a more than expected 223,000 to its labor force, the unemployment rate fell and wages rose to .6. percentage Year on year compared to about 5%. USD , turned south and fell below 10 ,000 and 1.20%, although WTI failed to capitalize. In oil news, Saudi Arabia cut prices to Asian customers to the lowest level since November 2021 as global pressure hit oil prices. Factors such as China’s reopening and its Covid-19 epidemic are keeping investors worried as other countries have imposed restrictions on visitors to China.

Michael Cooper

Learn More →