March WTI crude oil (CLH26) is down $2.22 (-3.41%), while March RBOB gasoline (RBH26) decreased by $0.0469 (-2.39%) as of today. The drop in prices follows a rally in the dollar index (DXY00) to a 1.5-week high and easing tensions between the U.S. and Iran, with Iran confirming nuclear talks are scheduled for Friday in Muscat, Oman.
Weaker-than-expected U.S. labor market data has also contributed to the price decline, with job cuts in January rising 117.8% year-over-year to 108,435—the highest since 2009. Initial unemployment claims increased by 22,000 to reach an eight-week high of 231,000, and job openings fell to a 5.25-year low of 6.542 million, down 386,000 from the previous month.
