Forex Marketz Daily Forex News – Fully Markets Update
The price or US WTI light and sweet crude oil shot up over one percent, during the North American trade session, after a better than expected US jobs report came out on Friday. Still oil posted a small loss for the week as prices remain under pressure thanks to rising exports from OPEC and an increase in output from the United States.
The non-farm payroll report showed that US employers hired more workers than expected. Wages also increased, which was surprising.
US West Texas Intermediate (WTI) crude futures finished Friday up 55 cents, or 1.1 percent. The contract closed at $49.58 per barrel. Brent crude futures, the global benchmark, rose 20 cents at $52.21 a barrel.
Clearly the price of the black gold was by good news Friday by the NFP report. There is also a strong demand for gasoline and diesel.
OPEC and Output till Dampen Oil Prices
The price of crude managed to hold their gains after Baker Hughes reported its weekly count of oil rigs operating in the United States fell for the second week. The count fell by one operating rig to 765.
During Asian hours, Monday morning, crude prices were lower. For the week, on Friday, the Brent and WTI contract were both down. Prices are being pressured by rising output. However an increase in demand has limited the losses.
There is an increase in OPEC production as well as increasing OPEC exports. This is putting downward pressure on the market this morning as the week kicks off.
