Brent tops $90 as Kuwait cuts output; US payrolls fall by 92,000
Mar 6th 2026
Oil surged after reports that Kuwait has begun cutting production because storage is full, pushing Brent above $90, while a weak US jobs report showed a loss of 92,000 payrolls in February and rattled markets.
- Brent crude climbed above $90 a barrel for the first time since April 2024 after reports that Kuwait has started cutting production because storage tanks are full.
- US crude WTI is near $89 a barrel and oil is on track for its biggest weekly gain since spring 2020.
- UK petrol and diesel prices rose this week, adding roughly £2 to a 55-litre petrol fill and about £3.30 to diesel, according to the RAC.
- US nonfarm payrolls fell by 92,000 in February, the unemployment rate rose to 4.4%, and prior months were revised down.
- Markets reacted sharply with Wall Street opening lower, the FTSE 100 hitting a one-month low, and UK gilt yields rising toward their biggest weekly jump since 2022.
- Higher energy prices and the weak jobs report make near-term interest rate cuts less likely for major central banks.