Crude oil fell on Friday, extending the previous day’s losses, and is heading for its biggest weekly drop since October amid worries over demand. Investors awaited the U.S. jobs data for more clues on the economic health of the world`s largest oil consumer.
Weaker-than-expected manufacturing activity, the surge in U.S. crude inventories to a 22-year high and the rise in weekly jobless claims raised concerns that slower economic growth is weakening fuel demand.
Investors anxiously waited for today’s non-farm payrolls data for more clues on the health of the world’s largest economy, especially since the BoJ's aggressive move and the comments from ECB’s Draghi failed to lift confidence.
- Crude oil is trading around the $92.99 a barrel level, compared with the opening at $93.34, while the highest is at $93.54 and the lowest is at $92.95
- Brent is trading around $106.24 a barrel after falling 0.09% or $0.10
Investors will also be watching the 2-day meeting between Iran and the West about Tehran`s nuclear program which starts later today in Almaty, Kazakhstan. Iran will be urged to accept the west’s offer if it wants its economic sanctions to be eased.
Markets will also keep an eye on the escalating tension in the Korean peninsula. North Korean continues to threaten the United States, potentially involving a nuclear strike, which determined Washington to make some military moves.
- Natural gas is trading at $3.946 per cubic feet after falling 0.03%
- Heating oil is trading at $2.9651 a gallon after rising 0.05%
- Gasoline is trading at $2.8933 a gallon after falling 0.19%
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Crude Heading For Its Biggest Weekly Drop Since October
Published 04/05/2013, 05:00 AM
Updated 07/09/2023, 06:31 AM
Crude Heading For Its Biggest Weekly Drop Since October
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