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Although the Nonfarm Payroll number was roughly within the benchmark of estimates, printing 199,000 above 183,000 forecasted. It is the unemployment rate decline from 3.9% to 3.7% which is taking away all the attention, and which commodity traders now see as a possible pick up in demand for energy in the coming quarter.
Crude Oil sells off as the OPEC+ disappoints and the future demand outlook remain weak. What’s next?
Oil prices are looking bearish as markets are pricing in the barrels that the US is releasing to the market. Recent findings show that the US is nearing 6 million barrels per day for export, according to recent ship-tracking data. The surplus is
Oil prices are starting to look heavy as Crude prices snap the current floor around $74. Recent headlines that confirm Russian President Vladimir Putin is due to meet the Saudi Crown Prince Mohammed Bin Salman to discuss OPEC+ cooperation
Oil prices are not having their best performance when looking back to November up until Thursday. OPEC+ has failed to cement a price floor and saw its image dented with split division on sharing