Hot Jobs Data Fuels Oil Bounce Ahead of OPEC+ Confab

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Saudi Arabia's Minister of Energy, Prince Abdulaziz Bin Salman Al-Saud. (AHMED YOSRI/REUTERS)

Crude oil prices rose toward the end the week as traders closed out their short positions Thursday. Also, the hot U.S. employment data released on Friday indicated that American drivers and companies could consume more fuel.

Benchmark U.S. Crude is up 5.6% from Wednesday's closing price, to $71.91 per barrel. This reverses a selloff in late May that culminated in the steepest monthly drop of prices since November 2021.