Weaker US Dollar lifts oil prices after June payrolls miss estimates, easing Fed rate hike bets.
West Texas Intermediate crude trades at $69.10 in early European trading, recovering on a softer US Dollar. The move follows weaker-than-expected US jobs data, which reduced expectations for a near-term Federal Reserve rate increase.
June Nonfarm Payrolls rose by 57,000, below the 110,000 forecast, while the unemployment rate dipped to 4.2% from 4.3% in May. The data weighed on the USD, supporting dollar-denominated commodities like oil.
Geopolitical tensions in the Middle East remain a wildcard, with indirect US-Iran talks showing no clear progress. Any escalation could further boost crude prices.