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Oil rebounds as traders bet on US strength after job report

2019-07-05 02:14 pm | Resource: News | No Views : 84

 Oil rebounds as traders bet on US strength after job report

Market participants switched to oil futures on Friday, cutting off session losses and raising prices on the notion that the US economy was not facing strong adverse winds as officials warned the Fed. The Labor Department said employers added 224,000 jobs in June. The jump in crude oil has challenged the dollar's rise, as the rise usually makes the energy commodity more expensive for other currency holders.

OPEC's oil production fell in June to its lowest level in five years as production of Iran and Venezuela fell due to US sanctions and Saudi Arabia's supply surged, a Reuters survey showed.

The number of oil and gas exploration platforms around the world rose for the fifth month in a row

Baker Hughes said that the number of oil and gas exploration platforms around the world - excluding the US and Canada - rose by 12 to 1,138 on a monthly basis in June, up 179 from the same period in 2018, The fifth consecutive month. The report showed that the number of exploration platforms in the Middle East increased by 3 platforms to 413 platforms on a monthly basis and 21 more than in the same period last year. Globally, the number of platforms increased by 39 to 2221 platforms on a monthly basis and increased by 89 platforms on an annualized basis.

The unemployment rate rose by 0.1 percentage point to 3.7%, but basic data showed that it was due to strong additions to the workforce. The so-called U-6 index, which also includes underemployed workers and marginal workers, grew to 7.2% from 7.1% and increased the participation rate to 62.9% from 62.8%. Investors will look to the central bank for signs of a shift in the situation, as price watchers have hinted earlier on a sharp drop in borrowing costs.

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(CURDE OIL - WTI ) We offer you oil analysis denominated by US dollar on Wednesday, April 17, 2019, with the most important forecast for the price of oil denominated by US dollars in the market. Time frame Used - four hours Oil is moving in a sideway direction in the near term. The purchasing power managed to push oil higher to close at the end of trading today, rising…

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