Oil prices move in a positive zone for third straight session

Global oil prices rose in European trade on Friday, moving in a positive zone for the third straight session away from four-month lows. 

The gains are stymied by the stronger dollar following strong US jobs data, while US crude stocks rose unexpectedly last week.

Prices 

US crude price rose 0.65% today to $76.10 a barrel, with a session-low at $75.27.

Brent rose 0.4% today to $80.33 a barrel, with a session-low at $79.57. 

On Thursday, US crude rose 1.8%, while Brent added 1.75%, moving away from four-month lows. 

Oil prices sustained losses earlier this week amid concerns about a market glut, after OPEC+ decision to get rid of current production cuts, starting October.

The Dollar

The US dollar index rallied 0.6% on Friday to a week high at 104.76 against a basket of major rivals. 

The US economy added 272 thousand new jobs in May according to the official payrolls report, above estimates of 182 thousand.

Following the data, the odds of a Fed September 0.25% rate cut fell to 56%, and the odds of such a cut in November fell to 70%. 

US Stocks 

Official data from the Energy Information Administration showed US crude stocks rose 1.2 million barrels in the week ending May 31, while analysts expected a drop of 2.1 million barrels, in a negative sign for demand. 

US Output 

The EIA reported no change in US crude output last week at 13.1 million bpd.