|News||Crude oil remains under pressure during the Asian session|
|Analysis||Crude oil remained under pressure during the Asian session, as the market sentiment was still hurt by the disappointing US non-farm payrolls on Friday in addition to the Chinese data which showed an increase in inflation and a slowing growth in the second largest oil consumer amid deepening debt woes.|
Light sweet crude oil opened today at $96.20 a barrel, recording the intraday high at $96.22 a barrel and the low of $95.63 a barrel, and is currently trading around $95.64 a barrel.
The rising dollar may be added to the reasons why the oil is pressured downward; the USDIX opened today at 75.31 recording the highest at 75.49 and the lowest at 75.22 and is currently trading around 75.50.
The U.S. Labor Department released the jobs report for the month of June, where the Non-farm payrolls showed that only 18 thousand jobs were added in June, well below estimates of 105 thousand, while the unemployment rate climbed unexpectedly to 9.2 percent from 9.1 percent.
The Chinese economy reported over the weekend it’s year-on-year CPI and PPI , where CPI rose by 6.4%, compared with the previous reading of 5.5%, and slightly above the expectations of 6.2%, while the PPI also rose by 7.1% above expectations of 6.9%.
In Europe, the main focus shifts to Greece's second bailout when European Finance Ministers meet today and tomorrow to discuss debt rollover by private investors. It seems that worries will continue to spread in markets as investors realized that the problem is not only Greece, especially after Portugal's downgrade to junk by Moody's Investor Services last week, as other highly indebted nations in the region may call for bailouts soon.