April 07, 2023 (MLN): Oil prices dropped on Friday due to concerns over a possible US recession that could reduce demand for oil, following disappointing private jobs figures.

The international benchmark Brent crude traded at $84.61 per barrel, a 0.45% decrease from the previous session's closing price of $84.99.

Meanwhile, American benchmark West Texas Intermediate (WTI) traded at $80.22 per barrel, a 0.48% drop from the previous session's closing price of $80.61.

Although economic activity in the US services sector expanded in March for a third consecutive month, the rate of growth slowed, with the non-manufacturing PMI coming in at 51.2%, 3.9 percentage points lower than February's reading of 55.1%.

However, a drop in US crude stocks prevented further price falls, with inventories falling by 3.7 million barrels to 470 million barrels during the week ending March 31, against the market expectation of a decrease of 1.8 million barrels.

Copyright Mettis Link News

Posted on: 2023-04-07T12:46:00+05:00