Welcome to Nigeria Oil & Gas Forum. Feel free in using the Forum, Reply to Posts, Participate in Discussions, Make your Requests, Ask your Questions,

Author Topic: Nymex Crude Settles $1.27 Higher at $96.03/bbl  (Read 788 times)

Offline Admin

  • Administrator
  • Hero Member
  • *****
  • Posts: 1178
  • What do you think +3/-0
  • Gender: Male
  • Watch me as I unfold
    • View Profile
    • Oil & Gas Planet
Nymex Crude Settles $1.27 Higher at $96.03/bbl
« on: June 10, 2013, 03:04:10 PM »
Crude-oil futures settled higher Friday as investors read into the better-than-expected May U.S. nonfarm payroll data as evidence of buoyant economic conditions.

Light, sweet crude for July delivery settled $1.27, or 1.34%, higher at $96.03 a barrel on the New York Mercantile Exchange.

Brent crude on the ICE Futures Europe was recently $1.02 higher at $104.63 a barrel.

The Labor Department said Friday that U.S. employers added 175,000 new jobs in May, slightly higher than the 169,000 jobs increase forecast by economists.

An improving economy in the U.S., the world's biggest oil consumer, would typically mean greater demand for fuel and higher prices. Supplies also appear to be tightening as the U.S. Energy Information Agency said Wednesday oil stockpiles fell 6.3 million barrels last week, more than expected.

The jobs data sent many markets rallying as equities rose 1% Friday afternoon and the dollar gained 0.16%.

Oil was supported by the equity markets, which reacted positively to the employment numbers, said John Kilduff, founding partner of Again Capital. But at the same time, he said, traders felt the data was "not good enough to cause the Federal Reserve to pull back on its bond purchases."

Traders expect that a strong economic recovery could prompt the Federal Reserve to begin winding down its stimulus program, which would impact commodity and equity markets.

Crude-oil futures registered early gains on the back of the jobs data Friday but later pared some gains as the U.S. dollar rallied against other currencies. As the dollar strengthens, the price of crude oil typically drops as it becomes more expensive for overseas buyers of oil in other currencies.

On Thursday, a weaker dollar helped boost crude oil. But midsession Friday, that connection was severed by the surge in stocks.

Timothy Evans, analyst at Citi Futures Perspective, said in a note that the oil market was taking the equity market's word for it that the 175,000 new jobs added in May signalled an economic recovery. But the U.S. dollar's strength was not "enough to disturb" the overall positive sentiment.

Front-month July reformulated gasoline blendstock, or RBOB, recently traded 2.06 cents, or 0.72%, higher at $2.8715 a gallon.

July heating oil recently traded 2.17 cents higher at $2.8931 a gallon.

Source:   Rigzone


Adewale Odubiyi
Owner, Nigeria Oil & Gas Forum

Nigeria Oil & Gas Forum

Nymex Crude Settles $1.27 Higher at $96.03/bbl
« on: June 10, 2013, 03:04:10 PM »

 

Related Topics

  Subject / Started by Replies Last post
0 Replies
1333 Views
Last post May 13, 2013, 07:57:29 PM
by Admin
0 Replies
731 Views
Last post June 01, 2013, 05:19:03 AM
by Admin
0 Replies
378 Views
Last post April 08, 2014, 01:23:46 PM
by Vincent Milner
0 Replies
355 Views
Last post April 09, 2014, 10:30:10 AM
by Admin
0 Replies
667 Views
Last post September 03, 2014, 07:00:29 AM
by VirgilWaps

Sponsored Ads

Quick Links

About Us
Contact us
Register
Privacy Policy

Contact Info

Nigeria Oil & Gas Forum

Email Address
info@oilandgasforum.com.ng
Contact Form
Business Hours
9.00am - 5.00pm (Mon - Sat)

Would you like to partner with us on this forum?

Then you can contact us here


Nairaland     Oil Prices     UK Gas Forum     Ghana Gas Forum     Russian Oil & Gas Forum     Israel Oil Forum     Agric Forum      freeslots.la

Powered by EzPortal