Oil Prices Rise after Jobs Report -- WSJ
By David Uberti
U.S. crude futures are gaining after Friday's jobs report, extending choppy 2023 trading.
Front-month contracts for West Texas Intermediate were recently up 0.8% to $74.25 a barrel.
Oil futures have seesawed in recent days, with traders weighing warm winter weather in the U.S. and Europe, mixed signals on China's pandemic reopening and reduced prices of Saudi exports to Asia. Analysts say continued rate hikes by the Fed could add more pressure on oil prices, by slowing U.S. growth.
"From there, further decline toward the $70 area should not be ruled out, " oil advisory firm Ritterbusch and Associates told clients in a note Friday.
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(END) Dow Jones Newswires
January 06, 2023 09:51 ET (14:51 GMT)
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