- January 7, 2023
- Posted by: Stratford Team
- Category: Economy
- Benchmarks start 2023 with biggest weekly dive in years
- Dollar erases earlier gains on strong U.S. jobs data
- China stocks rise as economy emerges from COVID woes
- Saudi Arabia cuts Arab light crude prices
NEW YORK, Jan 6 (Reuters) – Oil prices gained over 1% on Friday as the dollar slid on a stronger-than-expected U.S. jobs report, but both crude benchmarks were set to end the first week of the year lower due to global recession concerns.
Brent futures rose 80 cents, or 1.0%, to $79.49 a barrel by 12:33 p.m. EST (1733 GMT), while U.S. West Texas Intermediate (WTI) crude rose 96 cents, or 1.3%, to $74.63.
For the week, both Brent and WTI were down about 7% as energy markets started 2023 with biggest weekly dive to start a year since 2016. Both benchmarks had gained about 13% during the prior three weeks.
The U.S. dollar showed employers added jobs at a solid clip in December.
A weaker dollar can boost demand for oil, as dollar-denominated commodities become…
