- Crude oil rises in carbon dioxide, as the US labor market data is nourished by optimism.
- Do not miss the non -agricultural salary statements, but wage growth is still strong.
- The workforce sharing turns higher, supports energy demand expectations.
On Friday, crude oil prices in West Texas rose to about 70.80 dollars, supported by renewable optimism for energy demand in the wake of the US labor market report (United States). While non -agricultural salary data (NFP) revealed the addition of a weaker job than 143,000 expected in January, the total labor market flexibility and the growth of fixed wage helped increase crude prices.
Despite soft functional additions, the unemployment rate in the United States maintains 4 %, and is compatible with expectations. Wage growth remained strong, as the average profits per hour increased by 0.5 % a month, in line with expectations. The general number on an annual basis reached 4.1 %, exceeding 3.9 % expected. In addition, the average workforce sharing has reached up to 62.6 %, which enhances the expectations of continuous economic activity and energy consumption.
It should be noted that weak economic data may push the Federal Reserve (Fed) to consider discounts in prices sooner, and therefore economic activity may flourish, which may push the demand for oil up and benefit from the price.
WTI crude oil is trading above $ 70.50 a barrel, and tests the key resistance at $ 71.00. The successful rest over this threshold can pave the way for more gains, while immediate support lies at $ 70.00. Traders will monitor the upcoming economic developments for the additional market directions.
