Lost your password?
Don't have an account? Sign Up

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

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



Image:Oil rafinery