| News | |
| Previous | |
| Forecast | |
| Analysis | Crude oil rose for the third day, heading for the first weekly advance in three week, boosted by better-than-expected U.S. jobs report figures. Oil for November delivery is currently trading around $83.67 a barrel after recording a high of $83.98 and a low of $81.79. Recent data from the world's largest crude consumer is showing improvement. Today, the non-farm payrolls report showed that the U.S. economy created 103,000 jobs in September, better than forecasts of 60,000 jobs while the August's reading was revised up to 57,000 from no jobs. Yet, unemployment lingered at 9.1%. This week, the EIA report showed that U.S commercial crude oil inventories decreased by 4.7 million barrels from the previous week. Total motor gasoline inventories decreased by 1.1 million barrels last week and are above the upper limit of the average range. Finished gasoline inventories increased and blending components inventories decreased last week. Distillate fuel inventories decreased by 0.7 million barrels last week and are in the upper limit of the average range for this time of year. Meanwhile, there are some hopes that the global recovery may be picking up again after the stimulus introduced by major central banks to bolster their economies. Yesterday, the BoE unexpectedly added 75 billion pounds to the APF while the ECB said will provide banks with additional longer-term liquidity while begins its covered bond purchases. In the FOREX market, the dollar continued its drop for the fourth day against majors as the upbeat jobs report figures and improvement in the general sentiment damped demand on refuges. The dollar index, which tracks the dollar movements versus a basket of major currencies, is currently moving around 78.15 after touching a low of 78.10 while the day's high was recorded at 78.72.
|
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment