Russian diesel ban relaxation and U.S. jobs statistics cause oil prices to decline.
Reuters, Oct. 6, LONDON – As demand concerns resulting from macroeconomic headwinds were exacerbated by a second partial relaxation of Russia’s fuel export embargo, oil prices fell even more on Friday.
At 1411 GMT on Friday, U.S. West Texas Intermediate crude futures were down 55 cents, or 0.67%, at $81.76 and Brent futures were down 47 cents, or 0.56%, at $83.60.
On Friday, news that Saudi Arabia and Russia had agreed to voluntary supply cuts through the end of the year offset concerns that higher interest rates for a longer period of time would slow global growth and negatively impact fuel demand. As a result, Brent and WTI futures were on track to decline by nearly 12% and 10% week over week, respectively.
