Oil prices fell today trading down a two week low. US jobs data was revised down significantly today, with US employers adding far fewer jobs than originally reported. The department’s estimate for total payroll employment for the period from April 2023 to March 2024 was lowered by 818,000. “The market is now going from pricing in a stronger economy to a potential hard landing, which is why oil prices are reluctant to move higher,” said Phil Flynn, analyst with Price Futures Group. The revised jobs data offset support from a drop in U.S. oil inventories, and recently released minutes from the Federal Reserve indicating a likely September rate cut. Crude inventories fell by 4.6 MM/bbls, versus a forecasted draw of 2.7MM/bbls. WTI traded down $1.24 or -1.69% to close at $71.93. Brent traded down $1.15 or -1.49% to close at $76.05.