Oil slips on weaker than expected US job report

September 06, 2021 11:22 AM AEST | By Team Kalkine Media

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Oil slips on weaker than expected US job report — Image source: Concept Of Falling Oil Prices | Source: © Artemegorov | Megapixl.com

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Highlights

Crude oil prices edged lower on Monday.

The US Gulf of Mexico’s production tumbled after Hurricane Ida.

The US records a weaker US job report.

Crude oil prices inched lower on Monday followed by a weaker than expected US job report indicating a slow economic growth and lower fuel demand amid a surge in new coronavirus cases. November delivery Brent Crude oil futures last traded at US$71.99 per barrel down 0.65%, whereas October delivery WTI crude oil futures traded 0.81% down at US$68.73 per barrel as of 06 September 2021 at 10:26 AM AEST.

The production of O&G in the US Gulf of Mexico remained halted as Hurricane Ida hit the US Gulf of Mexico with around 93% of daily crude oil production suspended, as per the records of the Bureau of Safety and Environmental Enforcement.

Bottomline:

Crude oil prices followed the same trend after recording a significant drop on Friday amid dampening energy demand due to a rise in new coronavirus cases.

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