The U.S. jobs growth in October has fallen short of expectations, leaving investors skeptical about the future of interest rates and inflation. According to the Labor Department, only 150,000 employees were added to jobs rolls during this period.
This disappointing data has caused shares of energy companies to drop as traders weigh the potential impact on demand and inflation. Despite being one of the few sectors that thrived in the inflationary environment, energy companies are now facing setbacks.
West Texas Intermediate crude for December delivery suffered a significant blow, plummeting by $1.95 or 2.4% to settle at $80.51 a barrel on the New York Mercantile Exchange. This marks a weekly decline of 5.9% for the contract.
Netanyahu Rejects Calls for Pause in Israeli Strikes on Hamas
Israeli Prime Minister Benjamin Netanyahu has chosen to disregard mounting international pressure to halt Israel’s strikes on Hamas. Despite being urged by U.S. Secretary of State Antony Blinken to prioritize civilian protection, Netanyahu stands firm in his decision.
