|News||Crude stabilizes around $78.60 per barrel throughout the Asian session|
|Analysis||Crude traded this morning around $78.60 per barrel after the dollar gained against the euro, backed by official statements from the European Union regarding the importance of Greece reducing the deficit throughout this year.|
Crude contracts receded yesterday to end down by 1.2% after mixed U.S data especially with the slowing expansion in the manufacturing sector which missed expectations; whereas personal consumption in December inclined and was better than expectations.
Investors eye the weekly EIA report that is expected to show rising stockpiles, adding additional signs of weak demand on oil from the largest energy consumer in the world.
This week, the attention is set on the US jobs report, with expectations for rising layoffs in February. In the meantime, fragility continues to prevail in the US labor market, which will leave major negative imprints on growth levels, especially since two thirds of the GDP in the US depends on consumption!
The S&P GSCI index closed yesterday at 512.74 down by 4.74; whereas the RJ/CRB commodity index also recorded a drop of 2.06 to close at 272.71.
In NYMEX trading as of 02:30 EST; heating future contracts dropped to record $202.160 per gallon down by $0.190; motor gasoline is trading around $215.910 per gallon after rising by $0.350; whereas natural gas appreciated by $0.0024 to $4.703 per 1000 cubic feet. In London, Brent declined by $0.130 to record $76.760.
Crude opened today at $78.82 per barrel, recording its highest at $78.85 and lowest at $78.85 per barrel, while currently trading around $78.60 per barrel.
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