Oil Prices Rebound on Job Losses and Iran Talks Concerns

Oil prices rebounded on Friday as concerns over US job losses and fragile Iran talks weighed heavily on markets.

The Brent crude futures rose by $0.84, or 1.02%, to $83.33 a barrel at 10:28 CDT (15:28 GMT), while West Texas Intermediate futures climbed by $0.89, or 1.15%, to $78.18.

The market's reversal came after oil prices had fallen earlier in the week due to optimism over a potential solution to the conflict between Iran and the US.

Analysts attributed the price surge to the release of the US jobs report on Friday, which showed that the economy lost 23,000 jobs in July.

This development reduced the likelihood of Federal Reserve intervention to raise interest rates, said Phil Flynn, senior analyst with Price Futures Group. 'It means there's less likely to be intervention by the Federal Reserve to raise interest rates,' he stated.