New York: Oil prices settled lower on Friday, and posted their steepest weekly loss in three months as investors weighed weak US jobs data and possible timing of a Federal Reserve interest rate cut.

Brent crude futures for July settled 71 cents lower, or 0.85%, to $82.96 a barrel. US West Texas Intermediate crude for June fell 84 cents, or 1.06%, to $78.11 a barrel.

Investors were concerned that higher-for-longer borrowing costs would curb economic growth in the US, the world's leading oil consumer, after the Federal Reserve decided this week to hold interest rates steady.

For the week, Brent declined more than 7%, while WTI fell 6.8%.

US job growth slowed more than expected in April and the annual wage gain cooled, data showed on Friday, prompting traders to raise bets that the US central bank will deliver its first interest rate cut this year in September.

The Fed held rates steady this week and flagged high inflation readings that could delay rate cuts. Higher rates typically weigh on the economy and can reduce oil demand.

The market is repricing the expected timing of possible rate cuts after the release of softer-than-expected monthly jobs data, said Giovanni Staunovo, an analyst at UBS.

US energy companies this week cut the number of oil and natural gas rigs operating for a second week in a row, to the lowest since January 2022.

The oil and gas rig count, an early indicator of future output, fell by eight to 605 in the week to May 3, in the biggest weekly decline since September 2023. The number of oil rigs fell seven to 499 this week, in the biggest weekly drop since November 2023.

Geopolitical risk premiums due to the Israel-Hamas war have faded as the two sides consider a temporary ceasefire and hold talks with international mediators.

Further ahead, the next meeting of OPEC+ oil producers - members of the Organisation of the Petroleum Exporting Countries and allies including Russia - is set for June 1.

Three sources from the OPEC+ group said it could extend its voluntary oil output cuts beyond June if oil demand does not increase.

Money managers cut their net long US crude futures and options positions in the week to April 30, the US Commodity Futures Trading Commission (CFTC) said.

SOURCE: REUTERS

London: The results of the local elections in the United Kingdom have come out, according to which the Labor Party won the battle while the ruling party faced its worst defeat.

According to foreign media reports, during the local elections in the United Kingdom, the Labor Party came first with the success of 102 councilors in 102 constituencies, while the ruling Conservative Party has won 479 councilors in only five constituencies.

With results from 102 councils in 107 received, the Liberal Democrat Party came second with 505 councilors in nine constituencies, 224 independent candidates while the Green Party's 107 councilors were declared successful.

On the other hand, Labor Party leader Sir Keir Starmer said that the results have sent a clear message to the Conservative Party that the people of Great Britain are fed up with Rishi Sunak and his poor policies.

Four of the 11 mayoral seats are up for grabs, with Labor winning in the North East, East Midlands, York and North Yorkshire, while British Pakistani mayor Sadiq Khan's future will be decided today.

The British Prime Minister accepted the defeat and said that he was disappointed with the victory of the Labor Party, he will focus on his work as a political leader in the future, it is a pity to lose a hardworking and working councilor.

Ottawa: Canadian police on Friday arrested and charged three Indian men with the murder of Sikh separatist leader Hardeep Singh Nijjar last year and said they were probing whether the men had ties to the Indian government.

Nijjar, 45, was shot dead in June outside a Sikh temple in Surrey, a Vancouver suburb with a large Sikh population. A few months later, Canadian Prime Minister Justin Trudeau cited evidence of Indian government involvement, prompting a diplomatic crisis with New Delhi.

The Royal Canadian Mounted Police named the three men as Karanpreet Singh, 28, Kamalpreet Singh, 22 and Karan Brar, 22.

"We're investigating their ties, if any, to the Indian government," Mandeep Mooker, an RCMP superintendent, told a televised news conference.

The Indian mission in Ottawa did not respond to requests for comment.

Nijjar was a Canadian citizen campaigning for the creation of Khalistan, an independent Sikh homeland carved out of India. The presence of Sikh separatist groups in Canada has long frustrated New Delhi, which had labeled Nijjar a "terrorist".

Last week the White House expressed concern about the reported role of the Indian intelligence service in assassination plots in Canada and the United States.

The three individuals charged with first-degree murder and conspiracy to commit murder in relation to the murder in Canada of Sikh separatist leader Hardeep Singh in 2023, are seen in a combination of undated photographs released by the Integrated Homicide Investigation Team (IHIT).

Canadian police said they had worked with US law enforcement agencies, without giving additional details, and suggested more detentions might be coming.

"This investigation does not end here. We are aware that others may have played a role in this homicide and we remain dedicated to finding and arresting each one of these individuals," said Assistant RCMP commissioner David Teboul.

The trio, all Indian nationals, were arrested in the city of Edmonton in Alberta on Friday, police said. They are due to arrive in British Columbia by Monday.

Trudeau announced in September that Canadian authorities were pursuing allegations linking Indian government agents to the murder. New Delhi rejected Trudeau's claim as absurd.

"We welcome the arrests but this does lead to a lot more questions," said Balpreet Singh, legal counsel and spokesperson for the Canada-based World Sikh Organization advocacy group.

"Those who have been arrested are part of a hit squad but it's clear that they were directed," he said by phone.

Canada had been pressing India to cooperate in its investigation. Last November, US authorities said an Indian government official had directed the plot in the attempted murder on US soil of Gurpatwant Singh Pannun, a Sikh separatist and dual citizen of the US and Canada.

SOURCE: REUTERS