WTI crude oil (CL) prices rose on Friday after US labour market data was released, driven by optimism over energy demand. Despite weaker-than-expected job additions, steady wage growth and a stable unemployment rate signalled economic resilience. A strong labour market indicates sustained energy consumption, supporting oil demand.
Moreover, the US imposed new tariffs and sanctions on an international network involved in Iranian crude shipments. Meanwhile, US drilling activity increased slightly, with the number of active oil rigs rising by one. However, the rig count remains lower than last year. Positioning data showed that speculators reduced net long positions in Brent and WTI, signalling some market hesitation. WTI crude oil rebounds to $72.50, while Brent crude oil (BCO) rebounds to $76.50. Geopolitical developments and supply constraints continue to support elevated oil prices, impacting Canadian Dollar movements.
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