West Texas Intermediate (WTI) crude oil prices rose modestly on Friday, trading around $68.65 per barrel, up 0.30% for the day. This increase partly recovers recent losses as the US Dollar weakened following softer-than-expected US employment data.
According to FX Street, the subdued US jobs report weighed on the greenback, which in turn supported commodity prices like crude oil by making them cheaper in other currencies. The weaker dollar tends to encourage demand for dollar-denominated assets such as oil.
For Japanese markets, this price movement is significant as Japan relies heavily on imported energy, and fluctuations in oil prices and the dollar can impact import costs and inflationary pressures domestically.