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[ad_1] Last Updated: July 11, 2023, 01:20 IST United States of America (USA) The U.S. Labor Department reported last Friday the smallest monthly job gain in 2-1/2 years along with strong wage growth. (Photo: Reuters) Oil prices ease on US interest rate hike concerns, but supply cuts from Saudi Arabia and Russia limit losses. CPI data and China reports to impact market Oil prices eased 1% on Monday on the increasing likelihood of more U.S. interest rate hikes, but crude supply cuts from top oil exporters Saudi Arabia and Russia limited the losses. Brent crude futures settled down 78 cents, or 1%, at $77.69 a barrel after touching their highest level in more than two months earlier in the session. US West Texas Intermediate crude fell 87 cents, or 1.2%, at $72.99. “Traders are very nervous about higher interest rates, which could kill demand very quickly," said Dennis Kissler, senior vice president of trading at BOK Financial, adding that some investors were also engaging in

[ad_1] Last Updated: July 08, 2023, 01:27 IST New York, United States of America (USA) Oil analytics firm Vortexa said there are currently 10.5 million barrels of Saudi crude in floating storage off the Egyptian Red Sea port of Ain Sukhna, down by almost half from mid-June. (Photo: Reuters) Oil prices surge to a nine-week high as supply concerns and technical buying outweigh fears of interest rate hikes, driving demand for oil Oil prices climbed about 3% to a nine-week high on Friday as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. Brent futures rose $1.95, or 2.6%, to settle at $78.47 a barrel, while U.S. West Texas Intermediate crude (WTI) rose $2.06, or 2.9%, to settle at $73.86. That was the highest close for Brent since May 1 and WTI since May 24. Both benchmarks ended up about 5% for the week. “We’re knocking on the door of a major breakout to the upside. I think you’re seeing so