Oil prices rose again today closing out a strong week as markets are on edge about direct conflict between Israel and Iran. Both contracts are up more than 4% on the week. Meanwhile OPEC+ producers are pressing some countries to increase compliance with output cuts. “Further clampdowns on adherence to quotas should see output fall further in Q2,” ANZ analysts Daniel Hynes and Soni Kumari wrote in a note. “The prospect of a tighter market should see a drawdown in inventories during the second quarter”. Meanwhile, U.S. job growth soared in March, easily beating expectations, according to official data released on Friday which also showed a steady increase in wages. The gain of 303,000 jobs last month points to likely robust oil demand but potentially delays anticipated interest rate cuts by the U.S. Federal Reserve later this year. WTI traded up $.32 or .37% to close at $86.91. Brent traded up $.52 or .57% to close at $91.17.

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