|News||Crude stabilizes around $80 per barrel this morning, while awaiting the release of the U.S jobs report|
|Analysis||Crude traded above $80 per barrel in the Asian session, supported by upside momentum that covered equity markets, with expectations for the US jobs market to continue to reflect improvement.|
U.S equities managed to rise yesterday after a wave of optimism dominated financial markets, following the drop in weekly jobless claims which eased fears about today’s nonfarm payrolls; unemployment in January recorded 9.7%, after reaching %10.1 in previous months.
Asian shares trailed their American counterparts and bullishness controlled the market, supporting oil prices to remain above $80 per barrel, where April's contracts recorded the highest at $80.77 per barrel compared to its lowest at $80.45 per barrel, as it opened at $80.55 per barrel.
Crude prices were backed by expectations for OPEC, which pumps around 40% of global oil supply, of reducing their oil shipments by 2.3% to 22.87 million barrels daily in the month ending February 20th, compared to previous levels at 23.42 million barrels per day.
The S&P GSCI closed yesterday at 519.73 after dropping 5.72; whereas the RJ/CRB commodity index declined by 2.91 to close at 274.80.
In NYMEX as of 03:30 EST; future heating contracts rose to record $207.500 per gallon by $0.630; motor gasoline is trading around $224.610 per gallon after climbing by $1.240; whereas natural gasoline declined by $0.022 to record $4.553 per 1000 cubic feet. In London, Brent gained by $0.370 to record $78.910.