Fundamental Oil Report (2011-04-04)

By @ibtimes on

NewsCrude traded above $108 as US jobs market is optimisticPreviousForecastAnalysisCrude traded above $108 per barrel today as US jobs show improvement bolstering investors’ optimism and thus global demand.

Crude today hovers around $108 per barrel recording its highest around $108.75 and lowest around $108.04, while it currently is trading around $108.75 per barrel.

The US last Friday showed that 216 thousand jobs were added last month, while unemployment rates fell by 8.8% that is expected in return to show more workers helping fuel consumer spending and thus boost trader confidence.

Crude last Friday traded around $107 per barrel recording its highest around $108.20 and lowest around $106.28 per barrel, closing around $108.10 per barrel. Futures last Friday rose 29% as the US dollar in turn weakened, although crude is expected to drop unless the US announces programs to provide cheap money or violence prevails in the MidEast.

Moreover, a Gaddafi envoy on Sunday had informed Greece’s Prime Minister that Gaddafi is seeking a solution to end the crisis following international forces bombarding his forces for the past two consecutive weeks. A standoff is developing between loyal forces and rebels, as Gaddafi has seized control over most of the western half of Libya and rebels the eastern coast.

As for NYMEX as of 04:58 EST; motor gasoline rose $0.71 recording $317.360 per gallon; heating is trading around $315.840 per gallon inclining $0.76; whereas natural gasoline shed $0.94 to record $4.321. In London, Brent futures rose $0.80 to record $119.650.

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