Free Trial

Crude Holds Strength Supported by Slightly Weaker US Dollar

OIL

Crude markets remain largely unchanged following the US jobs data and still just below the highs of the day.

  • A weaker US dollar is providing some extra support to crude. The uptick in unemployment and underemployment dominates when it comes to the initial NFP reaction, with slightly softer than expected M/M AHE also noted. Those factors more than offset the firmer than expected headline NFP reading.
  • US AUG NONFARM PAYROLLS +187K; PRIVATE +179K, GOVT +8K
  • US PRIOR MONTHS PAYROLLS REVISED: JUL +157K; JUN +105K
  • US DATA: AHE Unrounded - Aug'23: M/M (SA): 0.237% in Aug from 0.417% in Jul, Y/Y (SA): 4.286% in Aug from 4.361% in Jul
    • Brent NOV 23 up 0.8% at 87.56$/bbl
    • WTI OCT 23 up 0.9% at 84.38$/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.