Oil Markets Driven by Macro Economy, Not Fundamentals

Oil prices settled higher on Friday for the fourth consecutive session, after positive U.S. jobs data helped ease growing jitters about the state of the U.S. economy. Brent crude for September delivery was up 62 cents to trade at $79.78 per barrel at 16:45 hrs ET while the corresponding WTI crude contract was changing hands at $77.07/bbl, good for a 62 cents gain. The latest data by the Labor Department revealed that initial claims for state unemployment benefits fell 17,000 to a seasonally adjusted 233,000 for the week ended Aug. 3, the lowest…