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Crude Oil Under Pressure from NFP & Oil Rig Count

August 5, 2016 at 18:57 by Vladimir Vyun

Crude oil futures declined today after the strong non-farm payrolls report released earlier during the current trading session. Strong US employment is not necessarily entirely bad news for crude as it improves growth prospects and therefore fuel consumption outlook. Yet for now, the data was benefiting the dollar, thus putting pressure on commodities priced in the US currency.

Additionally, oil prices suffered from concerns about potential oversupply on the market. Baker Hughes reported that the number of US oil rigs rose by 7 this week.

China will release a report on its oil imports for July on Monday, potentially giving some hints how strong demand for crude is.

Futures for delivery of crude oil in September fell 0.24% to $41.83 per barrel as of 18:48 GMT on NYMEX today. Brent grade of oil for delivery in October slipped 0.05% to $44.27 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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