|News||Crude trades below $91 following US jobless figures|
|Analysis||Crude traded below $91 per barrel today as jittery traders contemplate whether demand will rise amid the recovery, which could result in a $100 per barrel jump in the near future.|
Crude today hovers around $91 per barrel recording its highest around $91.23 and lowest around $90.59, while it currently is trading around $90.64 per barrel.
The US Labor Department yesterday showed a rise in people filing for unemployment aid last week, thereby sparking fears over the pace of recovery for the second largest energy consumer in the world.
Crude yesterday traded around $91 per barrel recording its highest around $92.34 and lowest around $90.78 per barrel, closing around $90.90 per barrel. Futures climbed yesterday on the dollar's drop and inflation fears signaled from Trichet, which supported the sentiment further following another successful bond auctions from Spain and Italy.
Moreover, on the economic agenda for today we await for the release of the CPI in the eurozone that are expected to remain around 1.9%, initially supported by a rise in energy prices according to Trichet’s speech yesterday. Meanwhile, we also are awaiting for the release of the US CPI that have been witnessing a drop on the yearly basis and are expected to remain around those levels.
As for NYMEX as of 03:47 EST; motor gasoline rose $0.53 recording $245.880 per gallon; heating is trading around $261.780 per gallon inclining $0.33; whereas natural gasoline gained $0.20 to record $4.416. In London, Brent futures climbed $0.35 to record $98.400.