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Crude Rises On Supply Worries Before Key US Jobs Data

ByICN.com
Published 01/10/2014, 04:41 AM
Updated 07/09/2023, 06:31 AM

Crude oil rose above the $92.50 a barrel level after touching an eight-month low of $91.24 on Thursday, amid worries about supply from North Africa. Also giving support to prices is key jobs data from the US, which could indicate the economy is strong.

Traders await the jobs numbers from the US, the world’s largest oil consumer, later in the day, which are forecast to have risen by a solid 196,000 in December, improving the outlook for oil demand.

But, a strong outcome could also prompt the Fed to further taper its stimulus, which could cap gains. Tapering stimulus could reduce the dollar’s supply in the market pushing it higher, which will make the dollar-denominated assets such as oil more expensive.

Meanwhile, the trade data from China, the world’s second largest oil consumer, were mixed on Friday, as exports grew less than expected but imports outpaced forecasts, therefore the reaction to these numbers in the oil markets was muted.

However, the continued unrest at Libyan ports seized by protesters is preventing prices from falling further. Although traders anticipate exports from those ports will resume by the weekend, worries of a possible change in plans may persist.

- WTI crude oil futures for February is trading around $ 92.53 a barrel after rising $0.87

- Brent futures for February settlement is trading around $ 106.87 a barrel after rising $0.48

- Natural gas is trading at $ 4.025 per cubic feet after rising 0.50%

- Gasoline is trading at $ 2.6554 per cubic feet after rising 0.48%

- Heating oil (diesel) is trading at $ 2.9365 a gallon after rising 0.52%

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