Go Finance Reporting Singapore - Crude oil prices in Asian spot market is still moving under USD90 per barrel level. A number of traders in the Middle East look mixed signals from the labor market data the United States (U.S.), economic growth, and forecast demand for crude oil.
As reported by the Associated Press (AP), Monday (02/07/2011), price of crude oil for March delivery rose 14 cents to as low as USD89, 17 per barrel in electronic trading on the New York Mercantile Exchange (Nymex) at noon Singapore time. Meanwhile, in London, Brent crude rose 35 cents to as low as USD100, 18 points on the ICE Futures exchange.
U.S. Labor Department said the unemployment rate has dropped to nine-nine percent in January, or was the lowest since April 2009. That figure is down sharply compared to the achievement of December which reached 9.4 percent and below expectations of analysts who predict unemployment will penetrate 9.5 percent.
But strangely, the government claimed that there are only 36 thousand new jobs were created in January, or at least the last four months.
In addition to observing the conditions in the U.S., traders are also still looking at developments that occurred in Egypt after the massive demonstrations that continued for two weeks. Nevertheless, the oil shipping through the Suez Canal was not yet disrupted. However, concerns still covered if the political instability in Egypt spread to the oil-rich countries in the Middle East.
"Given the recovery of a phenomenal global oil demand in 2010, the price for reasons of geopolitics has become more predictable. It means that the geopolitical always tend to re-establish itself in 2011 as a major component of the oil market," said Barclays Capital report.
In other Nymex trading in the contract of February, heating oil rose 0.9 cents to $ 2, 73 per gallon and gasoline rose 1.5 cents to $ 2, 45 per gallon. Natural gas futures for March delivery fell 6.8 cents to $ 4, 24 per 1,000 cubic feet. (GoFinance)
No comments:
Post a Comment