Prices of a barrel of Brent and Texas oil today, March 12: What is its price and how much is it trading?

This Sunday, energy markets are closed. However, we are sharing with you the details of what happened in the week regarding oil and what could affect its price next week.

Friday, Oil prices closed higher after the release of the employment report United State. However, Brent and West Texas Intermediate (WTI) both posted a weekly decline. According to the employment report, 311,000 new nonfarm payroll jobs were registered in February.

Although experts expected only 205,000 new jobs, more than 300,000 represented a slowdown from the 517,000 jobs recorded in January. On the other hand, during the week, Prices fell after comments from US Federal Reserve Chairman Jerome Powell, Which raised concerns about further increases in interest rates.

Expectations of higher interest rates clouded the outlook for global growth and caused both benchmarks to decline. This week, on the first day of his semi-annual appearance on Capitol Hill, Powell discussed the possibilities of raising interest rates more than expected in response to recent strong data.

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Prices for a barrel of Brent and West Texas Intermediate oil today, March 12

with the market closed Barrels of West Texas Intermediate (WTI) records an increase of $0.96, or 1.27 percent, Trading at $76.68. On the other side, Brent crude rose $1.19, or 1.46 percent, trading at $82.78, according to Bloomberg Energy.

Last week, Brent and West Texas Intermediate posted the third largest weekly percentage gains this year. Meanwhile this week Both contracts posted a weekly decline of more than 3%.

For the next week, Crude oil prices may be affected once inflation data for February is published. Based on this data, the Federal Open Market Committee (FOMC) will announce an interest rate increase at its meeting on March 21-22.