Key facts
- WTI Crude Oil futures fell from a peak of $97 a barrel to near $90.
- Stronger-than-expected U.S. jobs data shifted investor focus to potential rate hikes.
- Market volatility declined alongside crude prices.
- Speculators continued to exit net long positions.
WTI Crude Oil futures experienced a volatile trading week, initially rallying to a midweek peak of $97 a barrel due to geopolitical uncertainty and ceasefire headlines. However, prices reversed lower to hover near $90 a barrel. A stronger-than-expected U.S. jobs report shifted investor focus toward potential fourth-quarter central bank rate hikes, influencing the decline in crude prices. Data from the CME Group CVOL index indicated that market volatility decreased alongside crude prices, continuing a multi-week trend. Additionally, weekly positioning data revealed that speculators continued to exit their net long positions, extending a liquidation trend that began in late March.