oil up on us jobs surge and iran
Last Updated : GMT 01:06:32
Arab Today, arab today
Arab Today, arab today

Oil up on US jobs surge and Iran

Arab Today, arab today

Arab Today, arab today Oil up on US jobs surge and Iran

New York - Arabstoday

Brent crude prices rose to a near three-month peak on Friday in heavy volume trading after a report showed the US economy in January created jobs at the fastest pace in nine months, fuelling hopes of stronger demand in the top petroleum-consuming nation. Both Brent and US crude extended gains late as the euro recovered against the dollar and as oil investors covered short positions ahead of the weekend, eyeing simmering tensions between the West and Iran over Tehran\'s nuclear programme. Oil had initially rallied ahead of the jobs report after Iran\'s supreme leader Ayatollah Ali Khamenei warned of retaliation over \"threats of oil embargo and war.\" \"The euro came back and there were shorts being covered ahead of the weekend with the situations in Iran and Greece still out there,\" said Stephen Schork, president at the Schork Group. Brent March crude rose $2.51 (Dh9.20) to settle at $114.58 a barrel, a fourth straight rise and the highest settlement since Nov-ember 8. For the week, Brent was up 2.8 per cent. US crude futures, snapping a string of five straight lower settlements, rose $1.48 to settlement $97.84 a barrel. But it posted a 1.73 per cent weekly loss. Brent crude trading volume was 28 per cent above the 30-day average, with US turnover 30 per cent above its 30-day average in post-settlement trading. Brent/US crude spread was at $16.74 a barrel based on Friday settlements, having briefly moved above its 200-day moving average just above $17, the biggest Brent premium to its US counterpart since the intraday high of $18.80 reached on November 9. Speculators cut their net long positions in US crude oil futures and options in the week to January 31, data from the US Commodity Futures Trading Commission showed. US gasoline and heating oil also rose as a refinery problem in the Midwest and the cold snap in Europe added support, along with the positive jobs report. News late in the session that exports from Iraq\'s southern hub Basra were halved by bad weather on Friday added support, sources said. US nonfarm payrolls jumped by 243,000 in January, more than the expected gain of 150,000. The US unemployment rate dropped to a near three-year low of 8.3 per cent. \"The jobs number came much better than expected and gave the [crude] market a nice pop, but the question will be whether this is really a reflection of the entire economy,\" said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. Stockpiles \"We\'ll be watching to see if the rally in the Brent/WTI spread starts to top out, because the fundamentals in the EIA data [rising stockpiles, weak demand] are still there.\" US crude stockpiles have risen two consecutive weeks, according to Energy Information Administration data released Wednesday and gasoline demand continued to trend below year-ago levels. Gasoline stockpiles also rose last week despite a drop in refinery utilisation and rise in refined products imports. US stocks rose and the jobs report helped propel the Nasdaq index to an 11-year high and key industrial feedstock copper jumped nearly three per cent as the employment report sparked optimism about economic growth across markets. Crude\'s rise came even as the dollar index initially strengthened on Friday, before pulling back. A stronger dollar can pressure crude prices because it increases the cost of oil for consumers using other currencies.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil up on us jobs surge and iran oil up on us jobs surge and iran

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil up on us jobs surge and iran oil up on us jobs surge and iran

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday