WTI Crude Oil futures fell below $83 per barrel on Monday, experiencing profit booking after last weeks robust gains. Oil ended up 2% last week, marking the fourth consecutive week of increases, largely fueled by geopolitical worries, OPEC's output adjustments, a weaker US dollar, and delayed rate cut expectations. The dollar index remained below 105 today after dropping nearly 1% last week, weighed down by soft US economic data that reinforced a dovish Federal Reserve outlook. Notably, the US unemployment rate climbed to a 2-½-year high of 4.1% in June, signaling a cooling labor market, with prior data also indicating weak services activity and private employment.
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