November 04, 2022 12:48 GMT
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