US Weekly Oil Summary:

Crude prices have risen during the week as Russia extended output cuts with Saudi Arabia expected to follow. WTI oil futures hit $85/b for the first time since November Sep. 1, in response to the US Jobs data, supported by a weaker US Dollar.

• WTI OCT 23 up 5.32$/b on the week at 85.14$/bbl
• Crude oil inventories fell 10.58m bbl, according to the EIA Weekly US Petroleum Summary
• Diesel crack spreads are heading for a net decline on the week with easing fears for near term refinery disruptions weighed with ongoing low global inventories
• US gasoline crack down 6.728$/bbl on the week at 24.11$/bbl
• US ULSD crack down -10.367$/bbl on the week at 46.74$/bbl
• EIA Weekly US Petroleum Summary - w/w change week ending Aug 25: Gasoline stocks -214 vs Exp -720, Distillate stocks +1,235 vs Exp -943
• US unleaded gasoline pump prices averaged $3.795/gal in the week to Sep. 1, according to GasBuddy
• Marathon’s 596kbpd Garyville refinery has resumed normal operations and is running at planned rates, a spokesperson told Argusmedia late on Thursday. Marathon shut units at the refinery on Friday following the fire which damaged two naphtha storage tanks. The facility operated at reduced throughputs this week.
• The latest Baker Hughes rig count data is due for release at 13:00ET.
• US AUG NONFARM PAYROLLS +187K; PRIVATE +179K, GOVT +8K
• US PRIOR MONTHS PAYROLLS REVISED: JUL +157K; JUN +105K
• US AUG. UNEMPLOYMENT RATE RISES TO 3.8% VS 3.5%
• The greenback heads into the close of the week within range of the late August highs. Solid data as well as a recovery in US yields Friday have helped underpin USD gains. 104.447 in the USD Index is the key level to watch: the late August high, and a break north of here would mark fresh multi-month highs.
• Signals from the financial markets suggest the U.S. economy is headed for recession amid signs monetary policy is passing through quickly, despite ongoing uncertainty over the outlook for growth and the terminal rate of interest, an economist at the Federal Reserve Bank of San Francisco told MNI.