Xinhua
03 Jun 2023, 06:55 GMT+10
NEW YORK, June 2 (Xinhua) -- Crude oil futures prices extended gains on Friday thanks to optimism over U.S. Congress' nod of debt ceiling deal and strong U.S. employment data in May.
The West Texas Intermediate (WTI) for July delivery added 1.64 U.S. dollars, or 2.34 percent, to settle at 71.74 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery picked up 1.85 U.S. dollars, or 2.49 percent, to settle at 76.13 U.S. dollars a barrel on the London ICE Futures Exchange.
Both the U.S. Senate and House of Representatives passed a bill to suspend the U.S. government debt ceiling until Jan. 1, 2025, which basically removed uncertainty around U.S. possible default on its debts.
Moreover, the United States added 339,000 non-farm payrolls in May, higher than forecast consensus of 190,000 and 294,000 in April, according to data issued by the U.S. Bureau of Labor Statistics on Friday.
Crude prices are having a strong finish to the week after the U.S. jobs report showed the economy is not ready to head into a recession, said Edward Moya, senior market analyst at OANDA, a supplier of online multi-asset trading services.
With oil at uncomfortable levels for most energy production countries, no one wants to be short crude going into a weekend meeting by the Organization of the Petroleum Exporting Countries (OPEC) and its partners, added Moya.
OPEC and its partners are scheduled to hold high-level face-to-face meetings on Sunday with oil production policy as the main topic.
Get a daily dose of Austin Globe news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Austin Globe.
More Information(Photo credit: Orlando Ramirez-USA TODAY Sports) The long slog of 162 regular-season games will culminate Sunday, and in Denver, one ...
(Photo credit: Steven Bisig-USA TODAY Sports) Sunday's series finale between the Houston Astros and host Arizona Diamondbacks will not have ...
New Delhi [India], October 1 (ANI): President Droupadi Murmu extended her greetings to citizens on the eve of Gandhi Jayanti ...
(Photo credit: Kamil Krzaczynski-USA TODAY Sports) The San Diego Padres will try to finish the season with a winning record ...
(Photo credit: Brett Davis-USA TODAY Sports) While the Milwaukee Brewers will get one more tune-up for the playoffs, the Chicago ...
(Photo credit: Kiyoshi Mio-USA TODAY Sports) The Los Angeles Angels and Oakland Athletics will put seasons to forget behind them ...
VICTORIA, Texas: This week, U.S. District Judge Drew Tipton in Victoria, Texas, ruled that President Joe Biden did not have ...
EL PASO, Texas: Over the weekend, Oscar Leeser, Mayor of El Paso, said that the surge in migrants crossing the ...
(Photo credit: Steven Bisig-USA TODAY Sports) Sunday's series finale between the Houston Astros and host Arizona Diamondbacks will not have ...
(Photo credit: Stephen Brashear-USA TODAY Sports) Entering the final day of the regular season, this is what is known: The ...
(Photo credit: Jim Dedmon-USA TODAY Sports) Audric Estime ran for a 30-yard touchdown with 31 seconds left as No. 11 ...
(Photo credit: Rob Schumacher / USA TODAY NETWORK) Arizona and Houston each celebrated a postseason berth on Saturday night after ...