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Crude Oil Weakens After Payrolls on Renewed Growth Fears

By Peter Nurse AiVIF.com -- Oil prices retreated Friday after a blockbuster July U.S. jobs report raised expectations of continued aggressive monetary tightening by the...
Crude Oil Weakens After Payrolls on Renewed Growth Fears © Reuters.

By Peter Nurse

AiVIF.com -- Oil prices retreated Friday after a blockbuster July U.S. jobs report raised expectations of continued aggressive monetary tightening by the Federal Reserve, potentially weighing on growth in the world’s largest consumer of crude.

By 9:25 AM ET (1325 GMT), U.S. crude futures traded 1.5% lower at $87.25 a barrel, while the Brent contract fell .21% to $93.02.

U.S. Gasoline RBOB Futures were down 0.7% at $2.7729 a gallon.

U.S. job growth unexpectedly accelerated in July, with nonfarm payrolls rising by 528,000 during the month versus the revised figure of 398,000 in June.

Analysts had expected the reading to slide to 250,000 as soaring price inflation and surging interest rates were seen hitting labor demand in the world's largest economy.

Strong employment trends are encouraging signs for central bankers, and something the Federal Reserve is closely watching as it moves into its next meeting in September.

Analysts in recent days have been weighing the odds that the Fed will start to ease off the aggressive 0.75-point hikes it has made in June and July given the latest GDP figures pointed to the U.S. economy entering a technical recession, but this release suggests that the U.S. central bank will continue its path of severe tightening.

The sharp rise in payrolls has also translated into a jump in the U.S. dollar, with the U.S. dollar index climbing over 1% to 106.670.

This also weighs on the oil market as a strong buck makes the commodity, which is priced in dollars, more expensive for customers in foreign countries.

The oil market had already looked weak before the jobs report, with crude prices falling to a new seven-month low overnight as the Bank of England’s forecast of a prolonged U.K. recession triggered a broader risk-off moment in global markets, specifically leading to the apparent capitulation of numerous oil bulls.

CFTC data, which run through Tuesday, may shed light on how positioning was going into that selloff when they are released later in the session.

Still, while the oil market may have given up all the gains made in the wake of Russia’s invasion of Ukraine, it’s important to point out that global supply remains very tight.

The Organization of Petroleum Exporting Countries and allies, known as OPEC+, could only agree to add 100,000 barrels a day in September at Wednesday’s meeting, and there remain doubts whether many of the group can actually follow through with their promises.

Additionally, while talks are due to resume on reviving the Iran nuclear deal that could lead to sanctions being lifted on the Islamic Republic, allowing it to resume exporting oil onto the global market, actual progress remains very hard to agree upon.

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16-08-2022 19:41:40 (UTC+7)

EUR/USD

1.0141

-0.0019 (-0.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

EUR/USD

1.0141

-0.0019 (-0.19%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

GBP/USD

1.2035

-0.0019 (-0.16%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (7)

USD/JPY

134.46

+1.14 (+0.86%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

AUD/USD

0.7002

-0.0020 (-0.28%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (7)

USD/CAD

1.2886

-0.0019 (-0.14%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (10)

EUR/JPY

136.36

+0.91 (+0.67%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

EUR/CHF

0.9636

+0.0022 (+0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (11)

Sell (0)

Gold Futures

1,790.45

-7.65 (-0.43%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (9)

Silver Futures

19.962

-0.310 (-1.53%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

Copper Futures

3.6170

-0.0005 (-0.01%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (0)

Sell (6)

Crude Oil WTI Futures

89.94

+0.53 (+0.59%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (4)

Sell (3)

Brent Oil Futures

95.39

+0.29 (+0.30%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

Natural Gas Futures

9.178

+0.450 (+5.16%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

US Coffee C Futures

224.33

-1.17 (-0.52%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Euro Stoxx 50

3,793.65

+4.03 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (10)

S&P 500

4,297.14

+16.99 (+0.40%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (3)

Sell (4)

DAX

13,849.96

+33.35 (+0.24%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

FTSE 100

7,556.75

+47.60 (+0.63%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (1)

Hang Seng

19,830.52

-210.34 (-1.05%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

US Small Cap 2000

2,020.40

+7.30 (+0.36%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

IBEX 35

8,489.50

+62.50 (+0.74%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (4)

BASF SE NA O.N.

44.210

+0.150 (+0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Bayer AG NA

54.07

+0.51 (+0.95%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (10)

Allianz SE VNA O.N.

179.52

+0.74 (+0.41%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Adidas AG

170.27

-2.67 (-1.54%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (7)

Deutsche Lufthansa AG

6.726

-0.008 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Siemens AG Class N

111.14

-1.06 (-0.94%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

Deutsche Bank AG

8.992

+0.050 (+0.56%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

 EUR/USD1.0141↑ Buy
 GBP/USD1.2035Sell
 USD/JPY134.46↑ Buy
 AUD/USD0.7002↑ Sell
 USD/CAD1.2886↑ Sell
 EUR/JPY136.36↑ Buy
 EUR/CHF0.9636↑ Buy
 Gold1,790.45↑ Sell
 Silver19.962↑ Sell
 Copper3.6170↑ Sell
 Crude Oil WTI89.94Buy
 Brent Oil95.39↑ Buy
 Natural Gas9.178↑ Buy
 US Coffee C224.33↑ Buy
 Euro Stoxx 503,793.65↑ Sell
 S&P 5004,297.14Neutral
 DAX13,849.96↑ Sell
 FTSE 1007,556.75↑ Buy
 Hang Seng19,830.52↑ Buy
 Small Cap 20002,020.40↑ Buy
 IBEX 358,489.50Sell
 BASF44.210↑ Sell
 Bayer54.07↑ Sell
 Allianz179.52↑ Sell
 Adidas170.27↑ Sell
 Lufthansa6.726↑ Sell
 Siemens AG111.14↑ Sell
 Deutsche Bank AG8.992↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,580/ 6,680
(-10/ -10) # 1,639
SJC HCM6,600/ 6,700
(-10/ -10) # 1,659
SJC Hanoi6,600/ 6,702
(-10/ -10) # 1,661
SJC Danang6,600/ 6,702
(-10/ -10) # 1,661
SJC Nhatrang6,600/ 6,702
(-10/ -10) # 1,661
SJC Cantho6,600/ 6,702
(-10/ -10) # 1,661
Cập nhật 16-08-2022 19:41:42
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ↀ Giá vàng thế giới
$1,774.93-3.55-0.20%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$89.43-1.63-1.85%
Brent$94.91-1.95-2.09%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.230,0023.540,00
EUR23.145,5524.441,71
GBP27.456,8428.627,78
JPY171,08181,12
KRW15,4318,80
Cập nhật lúc 18:54:08 16/08/2022
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