The price of oil for October delivery closed yesterday at $79.39 per barrel, marking a slight increase from the previous day’s market data.
On Thursday, oil prices rose for the third consecutive session, supported by U.S. jobs data that eased concerns over demand and ongoing tensions in the Middle East, helping prices recover from an eight-month low reached on Monday. Brent futures rose by $0.83, or 1.06%, to close at $79.16 per barrel.
The increase in prices was driven by data indicating that the number of Americans filing new unemployment claims fell more than anticipated last week, suggesting that fears of a deteriorating job market may have been exaggerated.
