Oil market expects publication of the US unemployment data
Optimistic sentiment on the implementation of agreements on restriction of production by OPEC and other producers are continuing to support oil prices. By the middle of today's trading the price for Brent crude oil with March delivery was around $57 per barrel. The February contract for WTI crude oil was trading nearby $54 per barrel.
Oil prices are still in a positive trend due to new information on Saudi Arabia and the UAE in the near future will low the volumes of deliveries on reduction the global surplus of oil. Meanwhile, data from the US Department of Energy showed a high increase in gasoline stocks and destinators in storages, and the oil quotations appeared under pressure. The main news for today - it's employment data from the US government. These numbers will determine the future behavior of the US currency, which, in its turn, can affect the global oil market. Also, you need to pay attention to the latest data from Baker Hughes on drilling activity in the US.
06 January, 2017 15:30
← Rockefeller Treasury Services, Inc. Analytics | 6 of January
The dollar took a tumble because yields took a tumble. China and payrolls contribute, the key driver of the dollar dip was a response to a surprise rally in the bond market that took the 10-year yield to 2.370%, the lowest since Dec 7, from 2.452% the day before or over 8 points. The yield was as low as 2.352% around noon.
05 January, 2017 15:30
Rockefeller Treasury Services, Inc. Analytics | 5 of January →
The Fed may be shooting itself in the foot. The minutes reported that “about half” of the members see potential expansionary fiscal policies as the biggest upside risk to their forecasts, but a gradual pace of hikes is still the appropriate path until we have hard facts. Uncertainty is very high.
Write a comment