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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
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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