The price of October futures for Brent at London’s ICE Futures Exchange stood at $95.74 per barrel, up $1.62 (1.72%) from oil prices daily at the close of the previous session.

Oil prices chart today

The price of WTI futures for September at NYMEX was $90.1 a barrel by that time, up $1.56 at the close of the previous session.

U.S. job growth in July was 528,000, well above the forecast of a 250,000 increase, with unemployment falling to 3.5 percent from June’s 3.6 percent, data from the nation’s Labor Department showed. “This is a clear signal that the U.S. economy is not in recession,” said Catherine Judge, senior economist at CIBC Capital Markets.

Meanwhile, since the beginning of the week, oil quotes have fallen by more than 8% – Brent has fallen by 8.4% and WTI by 8.8%. The main concern for traders has recently been the risk of a global recession and reduced demand for fuel amid rising interest rates and high inflation. The concern intensified Thursday after the Bank of England raised its key rate in 27-year maximum increments of 50 bps. – To 1.75% per annum. The regulator also predicted that the U.K. economy will enter a recession, which will last 15 months, in the 4th quarter.

“Traders are becoming less concerned about supply-side problems and are instead seeing a deterioration in demand indicators amid a significant increase in recession forecasts. And with U.S. gasoline demand now 9% less than last year and even less than in the summer of 2020, it’s clear that (oil) prices above $100 a barrel are not sustainable,” Sevens Report Research analysts wrote.