Crude oil price continued to rally on Tuesday (April 2nd), after Omani energy minister had forecasted a crude oil price above $70 for most part of 2019 on last Sunday (March 31st), and U.S. crude settled 1.61 percent higher at $62.58, while Brent was hovering closer to $69.37, despite an unaltered Venezuelan crude supply following USA sanctions.
U.S. West Texas Intermediate (WTI) crude rose 97 cents, or 1.6 percent, to $63.07 a barrel, after hitting $63.18, the highest since November 7.
Weighing on prices are concerns that an economic slowdown could dent fuel consumption, traders said.
Brent recorded its second straight week of gains, while WTI saw its fifth consecutive weekly rise.
The U.S. Labour Department report showed employment growth accelerated from a 17-month low in March as milder weather boosted hiring in sectors like construction.
"Nevertheless, market participants are anxious that persistently rising oil production and exports from the US could undo much of the OPEC+ effort", he said.
"This data is going to be enough to keep us above the $60 level for a least a couple of weeks", said Josh Graves, senior commodities strategist at RJO Futures in Chicago.
Nipsey Hussle's Family Searching For Memorial Service Venue To Accommodate Large Crowd
He ignored the red lights as he raced down Slauson Avenue - the South Los Angeles street that he and Nips were working to uplift. After a widely publicized manhunt, he was arrested on Tuesday in the city of Bellflower, in Los Angeles County.
In a signal that supply may tighten more, a United States official said on Tuesday that three of eight countries granted waivers by Washington to import oil from Iran had cut such purchases to zero, adding that improved oil market conditions would help reduce Iranian crude exports further.
Eastern Libyan commander Khalifa Haftar ordered his troops on Thursday to march on Tripoli, escalating a conflict with the internationally recognised government.
The most active crude oil contract for May delivery was down 2.3 yuan (0.34 US dollar) to close at 469.0 yuan a barrel. [RIG/U] Companies added 15 oil rigs in the week to April 5.
The market is awaiting the latest data on the US rig count at 1 p.m. - an indicator of future crude production.
The United States and China, the world's two biggest oil consumers, could be close to a deal to end their trade dispute though some hurdles remain.
Growing optimism over U.S.
U.S. -China trade talks made headway last week in Beijing and White House economic adviser Larry Kudlow said on Wednesday the sides aim to bridge differences during further talks.