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US Data Prompts Crude Sell Off

OIL

Crude sells off further after nonfarm payroll data over U.S. economic weakness fears.

  • Greenback sinks sharply on the back of that outright miss for both change in payrolls and the unemployment rate.
  • The sell-down followed a softer than expected U.S. factory activity survey on Thursday.
  • Oil markets have already been struggling on consistent weak demand signals out of China, while Middle East escalations have failed to hold prices higher with no actual impact on production.
  • Brent OCT 24 down 2% at 77.94$/bbl
  • WTI SEP 24 down 2.2% at 74.64$/bbl
  • Brent OCT 24-NOV 24 down 0.12$/bbl at 0.45$/bbl
  • USD Index down 0.32% at 1253.9

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