Free Trial

Crude Higher on US Payrolls and China Optimism

OIL

Crude continues to rally after US nonfarm payrolls and on China optimism

  • The total nonfarm payrolls increased by 261k in October, and the unemployment rate rose to 3.7%. The data supports US oil demand with no case for real softening in the jobs market just yet.
  • Crude was already trending higher on optimism regarding Chinese demand. Reuters sources report that China may soon shorten the quarantine rules for inbound traveller from 10 days to 7 or 8 days.
    • Brent JAN 23 up 3.7% at 98.17$/bbl
    • WTI DEC 22 up 4.2% at 91.84$/bbl
    • Brent JAN 23-FEB 23 up 0.05$/bbl at 1.65$/bbl
    • Brent FEB 23-MAR 23 up 0.06$/bbl at 1.57$/bbl
    • Brent JUN 23-DEC 23 up 0.42$/bbl at 4.58$/bbl
    • Brent DEC 23-DEC 24 up 0.56$/bbl at 6.11$/bbl

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.