Skip to main content

MoneyWorks4Me

Crude oil futures end sharply higher on strong US jobs data

09 Jun 2025 Evaluate

Crude oil futures closed sharply higher on Friday, driven by a stronger-than-expected U.S. May payroll report showing underlying resilience in the job market. The payroll report for May released by Labor Department revealed that the non-farm payrolls increased to 139,000, above forecasts of 130,000. Oil prices were further buoyed by the possibility of a U.S.-China trade deal in the coming weeks. Additionally, Saudi Arabia has indicated plans to push OPEC+ for an increase in output to meet summer demand.

Benchmark crude oil futures for July increased $1.21 or about 1.91% at $64.58 a barrel on the New York Mercantile Exchange. Brent crude for August delivery gained $1.13 or 1.73% to settle at $66.47 a barrel on London's Intercontinental Exchange.