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Crude Falls On A Strengthened Dollar In New York

ByICN.com
Published 01/03/2014, 04:15 AM
Updated 07/09/2023, 06:31 AM

The black gold remains on trading for a third day below $100 a barrel in New York despite of cheerful data released today on the U.S soil from the labor and manufacturing sector as the current firm data and previous economic performance boosted up the dollar appeal.

Not forgetting that the green Benjamin has a strong inverse relation with the black gold with therefore the crude fell by 2.97% to currently trade around $96.32 per barrel recording a high of $98.86 per barrel and a low of $96.30 per barrel while that the dollar index climbed by 0.77% to trade around $80.72 recording a high of $80.86 and a low of $80.43.

Now on one hand today a report showed that the manufacturing conditions on the U.S. soil enhanced above what was projected by the market for the month of December.

The headline index rose to 57.0 in December from November’s 57.3; above the market predicted reading of 56.8, keeping in mind of course that a reading over 50 indicates more manufacturers are expanding instead of contracting.

The increase in the index suggests that the pace of expansion in the American manufacturing sector is so far at a stable gradual pace and that expansion within this market remains spotted and accordingly continues on supporting the country’s growth.

On the other hand another report showed that first-time jobless Americans asking for benefits dropped by 2,000 in the week ended December 28 to 339,000 from a revised of 341,000, compared with median forecast of 344,000.

The drop was due to the end of fluctuations occurred on the back of the year-end holidays.

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