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Oil Prices Climb Even As US Payroll Report Surprises
The price of crude oil rose on Friday, balking at the July U.S. jobs report, which suggested that the Federal Reserve could tighten further and limit the demand for crude oil. WTI rose to $90.69 per barrel on Friday at 11:22 a.m. ET, up $1.20 (+2.43%) on the day. Crude oil prices would normally fall on the news that payroll figures had improved, with the market naturally making the assumption that the Fed could employ even more monetary tightening—a scenario that could dent crude oil demand. Total nonfarm payrolls rose by 528,000 in July, well above expectations of a decline to 250,000. The dollar rose on the ... (full story)
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- Posted: Aug 5, 2022 12:52pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 50
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