|News||Crude declines slowly with the absence of Europe and U.S.|
|Analysis||Crude oil declines slowly at the beginning of the week affected mainly by the mixed U.S. jobs report and signs of renewing talks between Iran and the west, which eased tensions over global oil supplies that been the main factor behind high oil prices.|
Low trading is seen among financial markets today due to Europe and U.S. Easter’s holiday which triggers smooth trading amid low volume. Although, we have seen the mixed U.S. jobs report which show much less nonfarm payrolls that expected but the unemployment declined to 8.2%.
The absence of U.S. and European markets is reflected on the market as the market is barely moving at the current time, but the previous factors and the upcoming news are the market mover for now.
For today, china will lead the market today where crude would be affected from Iran and any sign on its crude supplies, starting with China which reported that its consumer price index (CPI) rose 3.6% from 3.2% a year earlier which is more than expected at 3.4%.
As for Iran, it played significant role in pushing crude to the downside at the beginning of the week as reports showed that U.S., Europe (the five permanent United Nations Security Council members plus Germany) will add more pressure on Iran to curb its nuclear program. As negotiations start in April 14 in with hopes to come up with a solution and halt the general upside rally for crude.
Crude oil opened today’s session at $102.49 recording a high of $102.51 and so far a low of $101.86, where it is currently trading around $102.02 a barrel.