|News||Crude hovers above $81 as stock markets remain steady|
|Analysis||Crude slightly rose above $81 per barrel with poor US job figures as stock markets remain steady, while the dollar continues to decline against a basket of major currencies.|
Crude today traded above $81 per barrel recording its highest around $81.27 and lowest around $80.77, while it currently is trading around $81.17 per barrel.
The notable drop witnessed last Friday was due to the US Labor report that was released and showed lower than expected workers employed, where 71 thousand were employed in July as the unemployment rate remained at 9.5%; unemployment rose by 131 thousand higher than previous estimate of 63 thousand. Therefore, demand by the second largest energy consumer in the world will remain subdued due to the tight grip consumers maintain on personal spending.
Crude last Friday traded above $82 per barrel recording its highest around $82.65 and lowest around $81.87 per barrel, closing around $80.92 per barrel. It lost $1.31 as pessimistic sentiment spreads throughout the market due to the lower than expected data from the US jobs report.
As for NYMEX as of 03:15 EST; motor gasoline inclined to $212.180 per gallon to record $0.43; heating is trading around $215.720 per gallon gaining $0.47; whereas natural gasoline rose by $0.16 per 1000 cubic feet to record $4.474. In London, Brent futures rose by $0.49 to record $80.550.