Last week, black gold market prices gained slightly as there are still worries that demand in the world's biggest crude consumer is weak despite the summer driving season in which usually we see increased demand on gasoline. Friday, the jobs report was released and although beating market expectations yet there is still high unemployment rates which will dampen demand on energy products therefore will weigh on crude prices. The contract gained a slight $0.26 closing at $68.02 while recording a high of $68.78 per barrel and a low of $67.12 per barrel.
The U.S. stock markets ended last week in the green territory as the jobs report was released coming in better than market expectations and this increased risk appetite in the markets despite unemployment rates spiking to a 26-year high. Looking at the oil shares, we see that Exxon Mobil gained 0.92 points or 1.34% to $69.18, ConocoPhillips rose 0.75 points or 1.69% to $44.97 while Chevron Corp. leaped 0.63 points or 0.92% to $68.96.
Today, in the United States, the markets are closed as a result of the Labor Day Holiday while prices are slightly changed in the Asian markets yet there is slight optimism as a result of the Asian stock market rising therefore hinting that future demand on oil from companies is going to be higher as companies are performing better. The markets today opened at $67.87 while recording a high of $68.32 per barrel and a low of $67.54 per barrel.
As prices are steady, hints to us that investors are waiting for more data to take an action of leaving markets or staying in them as a way to find a potential in profits, we see prices in the long term decline as a result of the ongoing global recession that is weighing heavily on demand and holding prices back from inclining.
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