The price for a barrel of crude oil closed lower Friday, following a disappointing American job report, but closed 0.8 percent higher on a weekly basis.
The price of oil was triggered earlier this week by a sharp drop in US oil stocks. The latest data from the US agency EIA showed Wednesday that the stocks of crude oil in the week ending August 27 were expressed by 7.2 million barrels to 425.4 million barrels. The fuel reserves have increased by 1.3 million barrels to 227,2 million barrels, while inventories of heating oil and diesel, fell by 1.7 million barrels to 136.7 million barrels.
Pressure came Friday from a disappointing American job report. The figures are seen as a measure of possible demand for oil. The data showed that the number of jobs in the US increased by 235,000 in August, which was well below the expected style of 750,000 jobs.
The market followed developments on the American Gulf Coast, where hurricane Ida led to the closure of oil and gas refineries earlier in the week. The availability of oil prices this week is supported by a favourable macro-sentiment, met optimism due to the sharp decline in US crude oil stocks and the fact that total product stocks in the US are at its lowest level at this time of the year since 2018.
An October future for a barrel of crude oil closed Friday 1.0 percent, or $ 0.70, down to $ 69.29 on the New York Mercantile Exchange.