Oil prices stabilized on Friday, as investors felt some relief from a better-than-expected economic indicator from the United States. The price of Brent crude oil from the North Sea, for October delivery, edged up by 0.04% to $79.19 per barrel. Its American counterpart, West Texas Intermediate (WTI) crude, for the same month’s delivery, increased by 0.09% to $75.11 per barrel.
“The sole U.S. economic data published on Thursday—the number of jobless claims—led to a modest rebound in oil prices, which have predominantly fallen over the past month,” analysts noted. Weekly jobless claims in the United States fell more than anticipated last week, dropping to 233,000 compared to the expected 240,000. This development somewhat alleviated investor fears that the world’s largest economy might be heading towards a recession.
In the natural gas market, the Dutch TTF futures contract was trading at €40.07 per megawatt-hour (MWh), shortly after reaching €40.585, its highest level since December. The TTF has surged about 12% in August alone, largely “due to rising geopolitical risks,” analysts explained.
