Walls’ street: Oil prices continue rally

NBR's Jason Walls and Andrew Patterson toss around the week's biggest macroeconomic stories of the week. With special feature audio.

Brent crude oil has broken through the $50 a barrel mark in its eighth consecutive week of price gains as US job figures disappoint.

The recent increase in oil prices was, in part, down to weak US jobs figures released this week.

The US economy added just under 40,000 jobs in May, well below forecasts of 160,000. US Federal Reserve chairwoman Janet Yellen said the figure was concerning, which prompted stocks on the Dow Jones to increase.

As a result of Ms Yellen’s comments, the dollar fell and the price of oil increased, as a weaker dollar makes oil cheaper for holders of other currencies.

The Brexit debated again came into focus in the UK this week, with former London mayor Boris Johnson rejecting comments by JPMorgan Chase boss Jamie Dimon that Brittan leaving the EU would lead to fewer jobs in the UK.

Mr Johnson said the EU’s economic policies had hurt the living standards of the UK due to the what he called, uncontrolled migration across the EU.

He also called Mr Dimon out for bankrolling the Remain campaign.

Support for the UK to leave the EU stood four points ahead of support for remaining in the 28-member bloc, according to a YouGov poll for ITV, Bloomberg reported.

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