{"id":32702,"date":"2023-07-07T12:47:42","date_gmt":"2023-07-07T16:47:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-at-month-high-u-s-rate-hike-fears-cooled-somewhat-by-soft-jobs-report\/"},"modified":"2023-07-07T12:47:43","modified_gmt":"2023-07-07T16:47:43","slug":"oil-at-month-high-u-s-rate-hike-fears-cooled-somewhat-by-soft-jobs-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32702","title":{"rendered":"Oil at month high; U.S. rate hike fears cooled somewhat by soft jobs report\u00a0"},"content":{"rendered":"
\n

Investing.com — Oil bulls are finally getting a break on rate hike concerns after a softer-than-expected U.S. jobs report for June suggested some tempering in the Fed\u2019s hawkishness when the central bank\u2019s policy-makers sit for their next rate review in three weeks.<\/p>\n

Also helping sentiment was a weekly report on U.S. oil inventories, published Thursday, that showed across-the-board draws for crude and fuel.\u00a0<\/p>\n

U.S. crude hit a one-month high with New York-based , or West Texas Intermediate, reaching above $73 the first time since June 12 with an intraday high of $73.09 per barrel. At 12:30 ET (16:30 GMT), some two hours to settlement, the U.S. benchmark was up $1.22, or 1.7%, to $73.05.\u00a0<\/p>\n

London-based was up $1.20, or 1.6%, to $77.72 after a one-month high of \u200b\u200b$77.78.<\/p>\n

For the week, WTI was up 3.4% while Brent showed a gain of 3.7%.<\/p>\n

\u201cCould we finally be about to see a breakout in oil prices after two months of consolidation?\u201d Craig Erlam, analyst at online trading firm OANDA, asked in a market commentary, adding: \u201cThe rally over the last week or so from the range lows has been quite strong and backed by momentum.\u201d<\/p>\n

Oil rallied after the Labor Department reported that U.S. employers added 209,000 in June, a number that came in below economists\u2019 estimates for the first time in 16 months, signaling progress in the Federal Reserve\u2019s bid to fight inflation with higher interest rates.<\/p>\n

Wall Street\u2019s economists had expected a jobs growth of 225,000 for last month, from a previously published 339,000 for May which the Labor Department revised down to 306,000 on Friday.\u00a0<\/p>\n

The remained unchanged in June at 3.6% while wages expanded by 0.4% from a 0.3% growth in May. Fed officials have said employment and wage growth have to cool significantly to effectively restrain the worst inflation the United States has encountered in four decades.<\/p>\n

Inflation still hot; One jobs report doesn\u2019t mean much, says Fed\u2019s Goolsbee\u00a0<\/h2>\n

Inflation, as measured by the Consumer Price Index, or , grew 4% year-on-year in May, slowing from a 40-year high of 9.1% in June 2022.<\/p>\n

The Fed\u2019s tolerance for inflation is, however, just 2% per annum. Since March 2022, the central bank has raised interest rates by 10 times, adding a total of 5% to the previous pandemic-era rate of 0.25%. While the Fed paused its rate hike cycle last month, there is speculation it could resume that when it meets on July 26 for its next rates review.<\/p>\n

To be sure, Chicago Fed President Austan Goolsbee told CNBC on Friday that one should \u201cnever make too much out of any one month of jobs numbers\u201d.<\/p>\n

\u201cIt is clear that the job market is still very strong but cooling,\u201d he added. \u201cI haven’t seen anything that says 1 or 2 more rate hikes this year is wrong.\u201d<\/p>\n

In U.S. oil inventory data released on Thursday, fell for a third week in a row while inventories of and shrank too, the Energy Information Administration, or EIA, said in its Weekly Petroleum Status Report.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Oil bulls are finally getting a break on rate hike concerns after a softer-than-expected U.S. jobs report for June suggested some tempering in the Fed\u2019s hawkishness when the central bank\u2019s policy-makers sit for their next rate review in three weeks. Also helping sentiment was a weekly report on U.S. oil inventories, published Thursday, […]<\/p>\n","protected":false},"author":1,"featured_media":3666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-32702","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil at month high; U.S. rate hike fears cooled somewhat by soft jobs report\u00a0 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil bulls are finally getting a break on rate hike concerns after a softer-than-expected U.S. jobs report for June suggested some\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=32702\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil at month high; U.S. rate hike fears cooled somewhat by soft jobs report\u00a0 | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com -- Oil bulls are finally getting a break on rate hike concerns after a softer-than-expected U.S. jobs report for June suggested some\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=32702\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-07T16:47:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-07T16:47:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXNPEBA20ZO_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=32702#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=32702\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Oil at month high; U.S. rate hike fears cooled somewhat by soft jobs report\u00a0\",\"datePublished\":\"2023-07-07T16:47:42+00:00\",\"dateModified\":\"2023-07-07T16:47:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=32702\"},\"wordCount\":504,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=32702#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=32702\",\"url\":\"https:\/\/ifintechworld.com\/?p=32702\",\"name\":\"Oil at month high; U.S. rate hike fears cooled somewhat by soft jobs report\u00a0 | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-07-07T16:47:42+00:00\",\"dateModified\":\"2023-07-07T16:47:43+00:00\",\"description\":\"Investing.com -- Oil bulls are finally getting a break on rate hike concerns after a softer-than-expected U.S. jobs report for June suggested some\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=32702#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=32702\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=32702#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil at month high; U.S. rate hike fears cooled somewhat by soft jobs report\u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Oil at month high; U.S. rate hike fears cooled somewhat by soft jobs report\u00a0 | iFintechWorld","description":"Investing.com -- Oil bulls are finally getting a break on rate hike concerns after a softer-than-expected U.S. jobs report for June suggested some","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=32702","og_locale":"en_US","og_type":"article","og_title":"Oil at month high; U.S. rate hike fears cooled somewhat by soft jobs report\u00a0 | iFintechWorld","og_description":"Investing.com -- Oil bulls are finally getting a break on rate hike concerns after a softer-than-expected U.S. jobs report for June suggested some","og_url":"https:\/\/ifintechworld.com\/?p=32702","og_site_name":"iFintechWorld","article_published_time":"2023-07-07T16:47:42+00:00","article_modified_time":"2023-07-07T16:47:43+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXNPEBA20ZO_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=32702#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=32702"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Oil at month high; U.S. rate hike fears cooled somewhat by soft jobs report\u00a0","datePublished":"2023-07-07T16:47:42+00:00","dateModified":"2023-07-07T16:47:43+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=32702"},"wordCount":504,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=32702#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=32702","url":"https:\/\/ifintechworld.com\/?p=32702","name":"Oil at month high; U.S. rate hike fears cooled somewhat by soft jobs report\u00a0 | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-07-07T16:47:42+00:00","dateModified":"2023-07-07T16:47:43+00:00","description":"Investing.com -- Oil bulls are finally getting a break on rate hike concerns after a softer-than-expected U.S. jobs report for June suggested some","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=32702#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=32702"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=32702#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Oil at month high; U.S. rate hike fears cooled somewhat by soft jobs report\u00a0"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/32702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32702"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/32702\/revisions"}],"predecessor-version":[{"id":32703,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/32702\/revisions\/32703"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/3666"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}