Oil Dips after the promising jobs report
Oil is unwinding a dip that followed a stronger-than-expected jobs report on Friday!
While traders await whether the European Union and the Group of Seven advanced economies can agree on a price cap for Russian oil.
Tweet on oil stocks on job report reaction
Oil Dips after Stronger-than-Expected Jobs Report!#Oil #oilprice pic.twitter.com/AWppEAPcGW
— The_Journalbiz (@the_journalbiz) December 2, 2022
FactSet chart on market reaction as job report release on Friday
The strong November jobs report keeps the Federal Reserve on track to raise interest rates by a half percentage point at its meeting in two weeks and underscores the risk that officials will raise rates above 5% in the first half of next year.Crude prices quickly recovered, with U.S. crude futures trading near $82 a barrel and Brent crude, the global benchmark, hovering above $87.
Analysts say intraday trading has been particularly volatile in recent weeks as investors respond to geopolitical tensions between Western nations and oil-exporting countries, as well as a surge in Covid-19 cases in China.
Jobs Report Keeps Federal Reserve on Track for 0.5-Point Rate Rise, as Fed officials have warned that wage growth will need to slow to combat high inflation
