WTI oil price dips as US jobs data shows increase

WTI oil prices dipped below $77 a barrel in trading on Friday as the latest set of US jobs data showed another increase.

US Light crude oil futures for July delivery was at $76.55 a barrel midday Singapore time on the NYMEX.

The release of the weekly US jobless and continuing claims numbers disappointed with initial first time jobless claims rising to 472k. As a rule of thumb US employment only tends to increase when initial claims fall below the 400k mark.

Meanwhile,a US government report yesterday showed US crude supplies unexpectedly grew last week on lower refinery operations.

“Supplies are plentiful,” said Andrey Kryuchenkov, an analyst with VTB Capital in London. “It’s probably time for a pause in the latest energy rebound.”

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