|News||Futures recover ahead of US nonfarm payrolls|
|Analysis||Crude traded above $88 per barrel today recovering from yesterday's decline as traders anxiously await the release of US payrolls today, which is expected to show recovery in the jobs market although investors are shying away from commodities following the drop in confidence levels in markets.|
Crude today hovers around $89 per barrel recording its highest around $89.04 and lowest around $88.02, while it currently is trading around $88.39 per barrel.
Traders are anticipating the release of US nonfarm payroll today, where it is expected to show a drop in unemployment levels to 9.7% from 9.8% as analysts suspect that jobs in several sectors except agriculture rose by 150 thousand, compared to the prior 39 thousand jobs.
Crude yesterday traded around $90 per barrel recording its highest around $90.68 and lowest around $87.84 per barrel, closing around $88.07 per barrel. Futures fell yesterday as greenback climbed to its highest levels since September and thereby pushing investors to purchase low-yielding currencies as the risk appetite declined.
Moreover, analysts’ forecast oil prices to spike past the $100 level this year, although some expect global economic growth to weaken this year and thereby pulling down demand on crude. Meanwhile, global GDP growth is expect to be slower in 2011 and even lower in 2012; whereas optimistic expectations forecast warmer weather in the near future, alongside an increase in OPEC and non-OPEC supply that will push black gold return to lower prices once again.
As for NYMEX as of 03:49 EST; motor gasoline rose $0.03 recording $244.380 per gallon; heating is trading around $250.730 per gallon declining $0.16; whereas natural gasoline shed $0.97 to record $4.391. In London, Brent futures dropped $0.61 to record $93.940.