October 08, 2019
Upbeat jobs data from the US showed that the jobs
Initially recovering as US commercial crude inventory data showed an unexpected
draw in gasoline, prices tumbled again later in the week after robust hiring
numbers from the US government pushed the dollar higher.."Modest short covering
has probably given oil some boost," said IG Markets analyst Bernard Aw, adding
however, that the bounce was unlikely to last.56 a barrel.
While markets will
continue to look for clues from economic data from China and Eurozone, due to
the overhang of high inventory levels and continuing concerns of China
conical twin screw barrels Suppliers oversupply, crude prices are likely
move in a tight range over the next couple of weeks," Gupta added. Singapore:
Oil edged higher to near $42 a barrel in Asia Monday but analysts said the
increase was unlikely to last as the commodity remains under pressure by a
supply glut and a strong dollar.
Brent crude for October gained 29 cents to
$44.56 a barrel..08 and Brent crude for October gained 29 cents to $44.Weekly
rig count data released Friday also showed that US drillers added seven rigs
that week, up for the sixth straight week and indicating higher production
activity amid an oversaturated market.Prices have been fluctuating since
entering a bear market last week, falling more than 20 per cent and closing
below $40 a barrel for the first time since April."
Upbeat jobs data from the US
showed that the jobs growth was much higher in July than estimates, and helped
to push the US dollar [higher], applying pressure on crude prices," said EY
Services oil and gas analyst Sanjeev Gupta. (Representational Image) Brent crude
for October gained 29 cents to $44."Rising US rig additions, low probability of
OPEC to revive.A stronger greenback typically makes dollar-priced oil more
expensive for consumers using other currencies, denting demand. freeze output
talks, and weakening demand present a great barrier for oil prices to move
higher," he told AFP.At around 0630 GMT, US benchmark West Texas Intermediate
for delivery in September was up 28 cents to $42.56 a barrel.
Posted by: barrelinjection at
05:50 AM
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