Related News
Oil falls slightly, US jobless claims weigh
Source: Agencies |
October 23, 2009, Friday
|
Online Edition
Online Edition
OIL prices fell from a one-year high yesterday as a rise in new US jobless claims sent investors seeking safer havens.
US crude oil futures settled down 18 cents at US$81.19 a barrel, after touching a one-year high of US$82 a barrel on Wednesday. In London, Brent crude fell 18 cents to US$79.51 a barrel.
The number of American workers filing new jobless claims rose by 11,000 last week, indicating the labor market remained fragile despite some signs of an economic recovery.
Energy markets have looked to economic data for signs of a rebound in the economy that could bolster flagging oil demand.
"Oil isn't getting any lift from the stock markets today as economic data and corporate earnings results are mixed," said Andy Lebow, a broker for MF Global, New York.
The Dow industrials gained yesterday on strong earnings reports from several components, while the Nasdaq market fell on weakness in Ericsson and other technology names.
The dollar recovered after a sharp slide against major currencies, as the euro retreated from a 14-month high above US$1.50.
"It is becoming almost imperative to trade the commodity markets from the perspective of the dollar these days, as nothing else seems to count for very much," MF Global wrote in a research note.
Crude prices jumped on Wednesday after weekly US government data showed a large drop in gasoline inventories over the past week and fuel demand rising about 4 percent year-on-year. But absolute oil inventory levels remained high globally due to slack demand.
US crude oil futures settled down 18 cents at US$81.19 a barrel, after touching a one-year high of US$82 a barrel on Wednesday. In London, Brent crude fell 18 cents to US$79.51 a barrel.
The number of American workers filing new jobless claims rose by 11,000 last week, indicating the labor market remained fragile despite some signs of an economic recovery.
Energy markets have looked to economic data for signs of a rebound in the economy that could bolster flagging oil demand.
"Oil isn't getting any lift from the stock markets today as economic data and corporate earnings results are mixed," said Andy Lebow, a broker for MF Global, New York.
The Dow industrials gained yesterday on strong earnings reports from several components, while the Nasdaq market fell on weakness in Ericsson and other technology names.
The dollar recovered after a sharp slide against major currencies, as the euro retreated from a 14-month high above US$1.50.
"It is becoming almost imperative to trade the commodity markets from the perspective of the dollar these days, as nothing else seems to count for very much," MF Global wrote in a research note.
Crude prices jumped on Wednesday after weekly US government data showed a large drop in gasoline inventories over the past week and fuel demand rising about 4 percent year-on-year. But absolute oil inventory levels remained high globally due to slack demand.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
