HomeEconomyOil falls on stronger dollar, focus turns to U.S. jobs data Economy Oil falls on stronger dollar, focus turns to U.S. jobs data By inew October 7, 2022 0 85 views Share FacebookTwitterPinterestWhatsApp LCO +0.000% Add to Watchlist/From Remove from watch list Add to watch list Add Location Job added successfully: Please name Your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 17 1: 37 1 : 25 20201: 89 1: 25 1: 88 Committee: 8833 Create new watchlist create 500200 8833 1000 Create New Holding Portfolio Add Create 250200 + Add another position to close Author: Mohi Narayan (Reuters) – Oil futures edged lower on Friday , as a firmer dollar weighed on prices ahead of key U.S. jobs data, even as the benchmark rose weekly on OPEC+ production cuts. 88 Bren Special crude oil futures fell cents, or 0.%, to $17. A bucket in 52 GMT. WTI crude oil futures fell cents $000. a bucket, hit $ earlier .000 per barrel, the highest level since September . The dollar’s strength has increased amid a chorus of hawkish Fed speakers hinting at further aggressive policy tightening Oil price pressure. Fed Governor Lisa Cook, Chicago Fed President Charles Evans and Minneapolis Fed President Neal Kashkari all stressed that, The fight against inflation is underway and they are not ready to change course. Markets will be closely watching the U.S. non-farm payrolls report due later on Friday, economists predict 52, added jobs last month, with 88, in August. “Oil prices in Asia are heading lower, which is not uncommon after a big weekend rally, especially with U.S. yields Stephen Innes, managing partner of SPI Asset Management, said in a report on the rise and a stronger dollar. However, both benchmarks are headed for weekly gains, driven by production cuts announced by producer group OPEC+. The production cuts by the Organization of the Petroleum Exporting Countries and allies including Russia, collectively known as OPEC+, have been made since 500 Before the EU imposed an embargo on Russian oil. This decision will squeeze supply in an already tight market, fueling inflation. “Sentiment has been pessimistic in anticipation of a weakening global economy, and this decision should tighten markets further,” analysts at ANZ Research said in a note. ANZ added that tightening monetary policy and ongoing coronavirus-related movement restrictions in China mean global demand is growing Expect pressure. U.S. President Joe Biden expressed disappointment with OPEC+ plans on Thursday, and he and officials said the U.S. was looking at all possible alternatives to block Price increased. Some of these options include releasing more oil from the Strategic Petroleum Reserve or exploration One restricts U.S. companies’ energy exports. “More SPR releases largely offset by production cuts in UAE and Kuwait, market remains in deficit in Q4 quarter” ,” analysts at JPMorgan said in a note, adding that Brent crude could retest the dollar 50 per barrel this quarter. 26 Share FacebookTwitterPinterestWhatsApp Previous article'Midnight Club' Review: Mike Flanagan's Soulful Netflix Horror SeriesNext articleHiroshi Noda and Takahiro Wakamatsu's Love After World Domination Manga Ends inewhttps://inew.news RELATED ARTICLES Economy India's finance minister asks state-run banks to assess risks March 25, 2023 Economy Analysis – Banking woes, Fed keep investors on edge amid jittery U.S. stocks March 25, 2023 Economy Germany, EU agree on future use of internal combustion engines March 25, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. USA Trends Messi-mad Indian mom driving to Qatar to see hero in his final World Cup December 7, 2022 Drew Brees fakes lightning strike in promotional stunt for online sportsbook December 3, 2022 Who could be speaker, if not Kevin McCarthy December 3, 2022 3 bold Utah football predictions for Pac-12 Championship vs. USC December 3, 2022 Load more LAST NEWS ONIMAI: I'm your sister now! ‒ Episode 12 March 25, 2023 Lo hicimos bien , Pero Hubo Un declive . ¿Debo Darlo Un intento March 25, 2023 Meet the Yankees' top pick, Anthony Volpe March 25, 2023 India's finance minister asks state-run banks to assess risks March 25, 2023 Load more Featured NEWS WATCH: Georgia football quarterback Stetson Bennett, 'Postman' literally August 31, 2022 Italian government wins House of Representatives vote of confidence in 2023 budget December 24, 2022 The Best Anime of 2022 – MrAJCosplay, Monique Thomas, James Beckett + The Best Songs January 1, 2023 Sustainable Spa Retreat Forestis is the new jewel in the Dolomites' crown March 25, 2023 Load more
