At 1:15 p.m. ET (1715 GMT), Brent crude prices were down 34 cents to $72.69 a barrel, while US West Texas Intermediate (WTI) crude futures were down 54 cents to $69.45 a barrel. For the week, both benchmark oil contracts remained basically unchanged. Concerns that US supplies would be limited in the aftermath of Hurricane Ida, which cut output in the US Gulf of Mexico, contained losses.
As COVID-19 infections rose, non-farm payrolls increased by 235,000 jobs, falling short of predictions. This was due to a slowdown in demand for services and continuing labour shortages. Nonfarm payrolls were expected to grow by 728,000 jobs, according to economists polled by Reuters. Meanwhile, around 1.7 million barrels per day of oil production remain halted in the United States' Gulf of Mexico, with damage to heliports and fuel depots delaying the return of crews to offshore rigs, according to Reuters.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
