Oil advanced for a third day to trade at a one-week high as US jobs data supported the case for Federal Reserve rate cuts this year, buoying risk assets including crude.

Investors are finally showing signs of losing their antipathy toward commodities.

Efforts to stockpile fuel mean Europe and Asia are approaching winter with healthy inventories as governments seek to counter shrinking supplies from Russia.

Commodity markets are struggling to shake their months-long liquidity crisis that’s brought an era of erratic swings in the value of the world’s raw materials.