Crude Unchanged Following Disappointing U.S. Employment Data

By IBTimes Staff Reporter | August 06 2010 3:59 AM

Spot crude oil prices were unchanged in yesterday's trading. The price of spot crude reached a high of 82.38, but was knocked down due to the weak U.S. employment numbers and finished the day at the opening price of $82.15.

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Weak unemployment data has hurt prices of spot crude oil as continued high unemployment numbers reduce future demand for crude oil. Also a strong dollar for part of the day's trading sapped momentum from the commodity's bullish run.

A short trading range for today's prices also indicates indecision on the part of crude oil traders as they await the outcome of today's U.S. non-farm employment change. A positive data release could send the price of the commodity to its next resistance level which rests at a price of $83.00, followed by $84.30. Spot crude oil prices failed to breach the $83 level on Tuesday. The next support levels rest at $81.50 followed by $80.