Oil prices started the week in the green as expectations of higher fuel demand during the summer driving season overcame uncertainty about U.S. interest rate cuts.
Crude oil prices started the week with a slight gain on expectations of higher fuel demand during the summer driving season. The rest of the session may yet see oscillations, following strong U.S. jobs data reported last Friday, which appeared to have dampened expectations of rate cuts—and improved demand—even further. The Bureau of Labor Statistics reported an increase of 272,000 in nonfarm jobs for May, which was higher than expected and pushed the dollar higher.
non-farm payrolls, which saw yields scream higher,” Reuters quoted IG analyst Tony Sycamore as saying. “That will likely create more angst amongst some of the member states of OPEC as to when they can return their cuts back to the market given the negative reception this proposal received last week post the OPEC meeting,” Sycamore added.
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