The price of Brent crude is trading above $80 per barrel. The price of American light crude WTI for the July contract reached $75.78 per barrel.
Oil prices continued to rise on Friday, with Brent returning above the $80 per barrel mark (159 liters). It briefly surpassed this level during Thursday’s trading (June 6), but closed slightly below it. Oil prices were supported by the decision of the European Central Bank (ECB) to cut interest rates for the first time in nearly five years. However, for the entire week, oil prices are trending downward, according to TASR, based on a report from Reuters and data from Bloomberg.
As of 7:12 a.m. CEST, the price of North Sea Brent crude for August delivery reached $80.07 (73.70 euros) per barrel, up 20 cents (0.25%) from the previous close.
The price of American light crude WTI for the July contract reached $75.78 per barrel, up 23 cents or 0.30% from the previous close. Despite this rise, oil prices are trending downward for the week, influenced by developments earlier in the week. If the weekly decline is confirmed, it will mark the third consecutive week of falling oil prices.
Markets are currently awaiting the U.S. Department of Labor’s report on the job market for the past month. Economists estimate that the report will show the creation of 185,000 new jobs, with the unemployment rate expected to remain at 3.9%. This information will also indicate when the U.S. Federal Reserve might consider its first interest rate cut.
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