Oil prices settled higher on Thursday for the third consecutive session after US jobs data eased demand concerns and war in the Middle East helped prices recover from an eight-month low on Monday. Brent crude futures settled up 83 cents or 1.06% to US$79.16 a barrel. US West Texas Intermediate crude settled up 96 cents, or 1.28%, to US$76.19. “The latest US data on jobless claims indicates still a growing US economy, reducing some of the oil demand concerns,” UBS analyst Giovanni Staunovo said. “It will spike the price of crude oil if there is an Iranian retaliation on a large scale and I think that is what everyone is most worried about,” said Tim Snyder, chief economist at Matador Economics.

Source: Libya Today August 09, 2024 01:03 UTC