oil pump

Brent crude was steady today and on track for its strongest weekly gain in a month, prior to the release of US jobs data which is expected to boost confidence in economic revival for the world’s biggest oil consumer.

Brent crude pegged at $105.50 after dropping by four cents, while US crude slipped by 19 cents to $101.05 a barrel, reported Reuters.

With the economy on the recovery path, the US is anticipated to have created more employment opportunities, increasing the outlook for fuel demand.

Investors, however, are in a dilemma on when the Federal Reserve will roll back its bond-buying programme, which supported liquidity in global markets.

Toppling of Egyptian President Mohamed Morsi by the army on Thursday following a mass protest has not affected operations at Egypt’s Suez Canal, a key waterway for oil shipments.

According to an analyst, seaborne oil exports from the Organization of the Petroleum Exporting Countries (OPEC), excluding Angola and Ecuador, will increase by 540,000 barrels per day (bpd) in the four weeks to 20 July.

Image: The news that the US is expected to have created more jobs increased the outlook for fuel demand. Photo courtesy of freedigitalphotos.