Oil prices sank today along with other financial markets after disappointing US jobs numbers. U.S. job growth slowed more than expected in July and unemployment increased to 4.3%, pointing to raising fears of a possible recession. “We moved from a demand-driven market to a geopolitical one for maybe two days then we absolutely nosedived on all this economic data,” said Tim Snyder, chief economist at Matador Economics. Meanwhile, OPEC oil output rose in July, a Reuters survey found, as a rebound in Saudi Arabian supply and small increases elsewhere offset the impact of ongoing voluntary supply cuts by other members and the wider OPEC+ alliance. An OPEC+ meeting on Thursday had left the group’s oil output policy unchanged, including a plan to start unwinding one layer of production cuts from October. WTI traded down $2.79 or -3.66% to close at $73.52. Brent traded down $2.71 or -3.41% to close at $76.81.
