Oil was trading down slightly on Thursday but largely holding onto its gains from the previous day
, which saw the U.S. benchmark rally over 2.9%. American jobs data are feeding cautiously into optimism that the Federal Reserve remains on track for rate cuts, and another big drawdown in U.S. crude inventories lends further support to crude prices. On Thursday at 1119 a.m. ET, Brent crude was trading at $84.63, down 0.53%, while WTI was holding onto its gains for the most part at $82.46, down 0.47%, maintaining the narrowing Brent- WTI spread. While U.S.
New unemployment benefit applications rose by 20,000 last week, hitting 243,000–the highest since the fourth-quarter of 2021, according to Bloomberg. Analysts are looking for the labor market to cool down, along with inflation, for the Fed to remain on track to cut interest rates, potentially starting in September. Since the beginning of this year, jobless claims have continued to rise, suggesting that the labor market is loosening.
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