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Oil Steady at $68
Contrarian Profits (September 3rd, 2009) Writes:
Oil prices steadied on Thursday as economic optimism from data showing that the U.S. service sector and retail sales improved was tempered by disappointing news from the labor market.
U.S. crude prices for October delivery rose 2 cents to $68.07 a barrel by 11:44 a.m. EDT (1644 GMT), after earlier reaching a high of $69.40 on U.S. stock gains and a weaker dollar.
London Brent crude was down 32 cents at $67.34 a barrel.
“Right now, there’s not a whole lot of momentum here in either direction. I think the trend for the week, which has been down, is still in force,” said Tom Bentz, senior commodity analyst, BNP Paribas commodity Futures Inc in New York.
“Everything seemed to kind of slip right after the jobs data,” he added.
U.S. jobless claims fell last week, according to a report released by the Department of Labor on Thursday, but the prior week’s figure was revised up.
The number of
...Analyst, Bnp Paribas, cent;, contrarian profits, Department of Labor, Futures Inc, Institute For Supply Management, Market Commentary, New York, Oil output, Oil Prices, oil producers, Olivier Jakob, Organization Of Petroleum Exporting Countries, Petromatrix;, Retail Sales, senior commodity analyst, Tom Bentz;, United States, USD, Vienna
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