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Oil prices rise after robust U.S. payrolls

Writer's picture: Dr.Abdul Wahab Athmer KhelDr.Abdul Wahab Athmer Khel

Although both benchmarks declined more than 3% for the week due to concerns about a U.S. interest rate hike, oil prices rose more than 1% on Friday in response to better-than-expected U.S. job figures.

A barrel of Brent increased by $1.19, or 1.5%, to $82.78. At $76.68, West Texas Intermediate (WTI) crude oil in the United States was up 96 cents or 1.3%.

The outlook for global growth has been clouded by expectations of additional rate increases in the world's largest economy and in Europe, which has caused both crude benchmarks to decline this week.

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