[New York 4th Reuters]-US time crude futures rose about 1%. The background of the steady US employment statistics alleviated concerns that crude oil demand would decline due to the global economic slowdown. However, it fell more than 5% in a week, and it fell for 2 consecutive weeks.
The clearing value for North Sea Brent futures is $ 0.66 (1.14%) high per barrel = $ 58.37, while US WTI crude futures are $ 0.36 (0.7%) high at $ 52.81. However, from the beginning of the week, North Sea Brent fell 5.7% and WTI crude oil 5.5%. Both weekly declines were the largest since July.
“The crude oil market is swayed by macroeconomic factors and does not necessarily reflect the current supply and demand situation,” said Phil Flin, an analyst at Price Futures Group.
The employment statistics for September announced by the US Department of Labor on this day show that the number of employees in the non-agricultural sector increased by 136,000 from the previous month, and the unemployment rate was 3.5%, the lowest level in about 50 years. It was. [nL3N26P2ML]
However, the manufacturing economy index in September announced by the American Supply Management Association (ISM) on September 1 was 47.8, the lowest level since June 2009, and non-manufacturing in September announced on September 3. The Industry Index (NMI) was 52.6, the lowest since August 2016. [nL3N26M3BW] [nL3N26O2T7]
“The non-manufacturing sector has been solid until now, but the problems seen in the manufacturing sector have begun to spill over.” It will also lead to a decline in demand, which will push down the demand for crude oil. "
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