Weekly Fundamentals: Encouraging Payroll Report Failed to Rescue Oil Prices

Although the US employment report was interpreted positively and triggered rebound in crude oil prices, both benchmark contracts ended the week lower. The front-month WTI contract fell -2.35% last week while the Brent contract lost -2.88%. Oil investors were concerned about oversupply and weakened global demand.

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Weekly Fundamentals: Encouraging Payroll Report Failed to Rescue Oil Prices