The World – February 4, 2023

In a volatile session after strong US jobs data fueled

Concerns about rising interest rates, oil prices fell to 3-week lows, as investors sought more clarity on the impending ban from the European Union on Russian refining products.

Brent crude futures fell 2.23 dollars, equivalent to 2.7 percent, to settle at 79.94 dollars per barrel after rising to the highest level of the session at 84.20 dollars.

The lowest level during the session was 79.72 dollars, which is the lowest level since January 11, according to Reuters.

The US West Texas Intermediate crude closed down 2.49 dollars, or 3.3 percent, to 73.39 dollars, after moving in a range between 78 dollars and 73.13 dollars, the lowest level since the fifth of January.

Brent crude fell 7.8 percent this week, while WTI crude fell 7.9 percent.

US job growth accelerated significantly in January amid the continued strength of the labor market, but the slowing pace of wage growth should once again give the Federal Reserve (the US central bank) a breather in its battle to curb inflation.

"The market can't decide whether it should be worried about a recession or more worried about the Fed being aggressive with interest rates,"said Phil Flynn, an analyst at Price Futures Group.

Meanwhile, investors are seeking more clarity on the impending ban from the European Union on Russian refining products.

On the other hand, the Kremlin warned that the European embargo of Russian oil products will lead to further disruption of world markets, indicating that it will take measures to respond to the European embargo.

Answering a question about Moscow's position on the ban on Russian oil products by European countries, Kremlin spokesman Dmitry Peskov told reporters: "this, of course, will lead to further imbalance in World Energy Markets.

Peskov added: "We assess it (the ban) negatively, we have already talked about this.. But it is natural that we take measures to preserve our interests against the risks that arise in this regard," the RIA Novosti news agency reports.

Noting that Russia is taking measures to defend its national interests, he said: "it is natural that we take measures to protect our interests from the risks that arise in this regard".

For its part, Moscow responded to setting a price ceiling for its barrels by banning the supply of oil to those parties whose contracts directly or indirectly provide for the use of a price-setting mechanism, and the ban came into force from February 2023.