Oil Posts Best Week Since March 2023
All three major benchmarks extended their weekly win streaks to four on Friday. Iran's missile attack on Israel earlier in the week made for a volatile start to October, but a refreshing bout of nonfarm payrolls data gave stocks a boost today, with both the Dow and Nasdaq scoring triple-digit gains. The S&P 500 settled firmly higher as well as traders eyed crude's multi-day surge.
OIL LOGS BLOCKBUSTER WEEKLY WIN
Tensions in the Middle East continued to drive crude prices higher. November-dated West Texas Intermediate (WTI) crude rose 67 cents, or 0.9%, to settle at $74.38 per barrel on the day. Black gold was up 9% for the week -- its best since March 2023.
With an aggressive interest rate cut now less likely after today's latest payrolls report, gold prices pulled back. Gold for December delivery fell $11.40, or 0.4% to trade at $2,667.80 for the day, and lost around 0.02% for the week.
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