Jul 3, 2025 3:41 PM IST
US Stock Market LIVE Updates: Oil Retreats as Traders Await US Payrolls Report, OPEC+ Decision
Oil dropped after its biggest gain in almost two weeks, with traders monitoring this weekend’s OPEC+ meeting and US jobs data that will give clues about the health of the world’s largest economy.
Brent traded near $68 a barrel, reversing some of a 3% surge on Wednesday. The payrolls report later on Thursday is expected to show a slowdown in hiring against the backdrop of President Donald Trump’s trade war.
Oil’s rally on Wednesday came against the backdrop of a market flashing pockets of strength. Diesel’s premium to crude in the US is the biggest in 15 months after stockpiles of the fuel continued to decline. Spreads on the nearest crude contracts are also pointing to tight supplies, with stockpiles at the key storage hub of Cushing, Oklahoma, sliding.