Mumbai, 9 Aug (Commoditiescontrol): Crude oil prices dipped slightly in early Asian trading on Friday, but they remain poised to close the week with gains exceeding 3%. This follows the release of U.S. jobs data, which alleviated some concerns over demand, even as fears of an escalating conflict in the Middle East persisted.
By 0030 GMT, Brent crude futures had slipped 9 cents, or 0.11%, to $79.07 per barrel, while U.S. West Texas Intermediate (WTI) crude futures edged down by just a cent to $76.09 per barrel. Despite these minor declines, both benchmarks are on track for significant weekly gains.
The ongoing conflict in the Gaza Strip intensified as Israeli airstrikes on Thursday killed at least 40 people, according to Palestinian medics, raising the specter of a broader regional war. This escalation has heightened geopolitical risks, particularly concerning potential disruptions to oil supply from the Middle East, the world’s largest oil-producing region.
Adding to the tension, Iran-backed Houthi militants have intensified attacks on international shipping near Yemen, in a show of support for Palestinians amid the ongoing Israel-Hamas conflict. The United Kingdom Maritime Trade Operations (UKMTO) agency reported an incident near the Yemeni port city of Mokha on Thursday.
Further supporting prices, Libya’s National Oil Corporation declared force majeure at its Sharara oilfield on Wednesday due to protests, leading to a gradual reduction in production.
Meanwhile, U.S. economic data provided some relief, with new unemployment claims falling more than expected last week, easing concerns over a potential recession. However, the dollar’s strength in response to the jobs data could temper oil prices, as a stronger dollar makes dollar-denominated crude more expensive for buyers using other currencies.
(By Commoditiescontrol Bureau: 09820130172)
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