Oil Prices Drop Over $2 on OPEC Supply, Weak US Jobs Data
Oil Prices Drop Over $2 on OPEC Supply, Weak US Jobs Data

Oil Prices Drop Over $2 on OPEC Supply, Weak US Jobs Data

News summary

Oil prices fell sharply by around 2 to 3% due to concerns over a potential increase in production by OPEC and its allies, alongside a weaker-than-expected U.S. jobs report that raised worries about global demand. Brent crude prices dropped to about $69.67 per barrel and WTI crude to $67.33, reflecting anxiety over economic slowdown and tariff impacts, including those imposed by President Donald Trump. Despite earlier gains driven by Trump's threats of tighter sanctions on Russian oil and trade talks optimism, prices reversed as OPEC+ signals to boost supply to regain market share. The U.S. Labor Department's report of only 73,000 jobs added in July, below forecasts, further pressured prices amid concerns about the global economic outlook. Analysts note that while tariffs and Federal Reserve policies contribute to uncertainty, progress on trade negotiations could support oil markets. Meanwhile, U.S. stock markets also fell, with key indices dropping alongside oil prices, reflecting broader market jitters.

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