ISLAMABAD, September 9,2024 (TDI): Crude oil prices witnessed a $1 surge at the beginning of the week as a possible hurricane system come near the U.S. Gulf Coast, and as markets get back from a selloff following lower than estimated U.S. jobs data on Friday.
West Texas Intermediate crude futures increase by $1, or 1.48%, to $68.67 a barrel by 0146 GMT. Brent crude rose 99 cents, or 1.39%, at $72.05 a barrel.
Experts said that the increase in the oil prices due to a potential hurricane in the U.S. Gulf Coast.
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A meteorological department in the southwestern Gulf of Mexico is predicted to become a hurricane before it arrived the northwestern U.S. Gulf Coast, the U.S. National Hurricane Center said on Sunday.
The U.S. Gulf Coast accounts for approximately 60% of America’s refining capacity.
Brent had dropped 10% on the week to the lowest level since December 202 at the Friday close, while WTI fell 8% to its lowest close since June 2023.
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“Crude oil witnessed its major weekly reduction in 11 months amid a darkening economic backdrop.
The U.S. government’s official jobs report showed nonfarm payrolls rose by just 142,000 in August. Last month’s figure was revised up to 89,000, the smallest increase since a decline in December 2020.
