Weekly Fundamentals – Brent Continues to Outperfom WTI on Iran Supply and Forties Output Cut

While moving at a modestly bearish tone for most of the week, financial markets strengthened on Friday as the US non-farm payrolls beat expectations. The number of jobs gained +163K in July, up from the downwardly revised +63K a month ago. The market had anticipated the July addition would be +100K. The unemployment rate climbed higher to 8.3% in July, as the number of unemployed increased by +45K, compared with 8.2% in June. Wall Street jumped with the DJIA and the S&P 500 gaining +1.69% and +1.90% respectively. Earlier in the week, investors’ sentiment was affected by central bank decisions. Both the Fed and the ECB held meetings during the week. While both central banks were expected to act further so as to stimulate the economy, both disappointed by staying on the sideline.

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Weekly Fundamentals – Brent Continues to Outperfom WTI on Iran Supply and Forties Output Cut