Free Trial

Minor Support for Crude After U.S. Job Data

OIL

Crude finds some minor support following more downward revisions in US payroll data.

  • After initial vol, greenback snaps lower in response to lower revisions, higher unemployment rate data.
  • Brent SEP 24 up 0.1% at 87.48$/bbl
  • WTI AUG 24 up 0.1% at 83.99$/bbl
  • MNI: US JUN NONFARM PAYROLLS +206K; PRIVATE +136K, GOVT +70K
  • US PRIOR MONTHS PAYROLLS REVISED: MAY +218K; APR +108K
  • “US RATE-FUTURES TRADERS PRICE IN SLIGHTLY STRONGER CHANCE OF SEPTEMBER AND DECEMBER RATE CUTS AFTER JOBS REPORT.” bbg
  • The chance of hurricane Beryl impacting oil production or refining has largely waned as it makes landfall in north Mexico.
  • Meanwhile, Middle East tensions over a wider conflict between Israel and Hezbollah remain supportive with fears it could stoke greater involvement from Iran.

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.