CRUDE IN SIGHT

Crude in holding pattern early Fri ahead of crucial US jobs report - Sept. 6, 2024

  • Crude futures were trading sideways early Friday after ending a highly volatile session on Thursday by settling virtually unchanged on the day, as the financial markets awaited the crucial US August employment data, due out at 8.30 US Eastern Time (12.30 pm GMT) today.
  • A decision by OPEC+(8) on Thursday to defer the unwinding of their collective production cuts of 2.2 million b/d by two months to a December 1 start, and the Energy Information Administration data showing an unexpectedly large weekly slump in US crude inventories failed to prop up crude.

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