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Bloomberg
Oil posted its first weekly loss since mid-June, as a forecast-topping US employment report wasn’t enough to offset the economic worries dogging the market.
Futures in New York closed down 1.6 percent for the week, despite eking out an increase after the government said payrolls climbed by 224,000 in June.
The ultimate fallout from the report was unclear as investors fretted that labo-
ur-market strength would decrease the odds of a Federal Reserve rate cut. The dollar surged, adding to pressure on commodities sold in the US currency.
German factory orders added to a spate of sluggish manufacturing data from around the globe. That overshadowed this week’s decision by Opec and its allies to extend supply curbs and the seizure of a tanker carryi-
ng Iranian crude by British special forces.
“From a demand standpoint, the question is will the Fed save the day†or “are we too far gone?†said Tyler Richey, co-editor at Sevens Report Research in Florida.