WTI Crude Oil Analysis 8-July-2024

WTI crude futures dropped below $83 per barrel on Monday, continuing their decline from the previous session. This drop came as traders analyzed mixed US employment data from last week.

WTI Crude Oil Analysis 8-July-2024

Gaza Ceasefire Clouds Oil Demand Outlook

On Friday, the report showed non-farm payrolls exceeded expectations, but the unemployment rate hit a two-and-a-half-year high, and wage growth dropped to a three-year low. These numbers sparked worries about slowing the US economy, which could reduce oil demand.

Moreover, the potential for a Gaza ceasefire overshadowed the strong summer fuel demand forecast. At the same time, investors are keeping an eye on energy supply risks, as the biggest ports in Texas stayed closed due to Tropical Storm Beryl, which is expected to become a hurricane and make landfall today.