September 01, 2023 12:44 GMT
Crude Holds Strength Supported by Slightly Weaker US Dollar
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