Oil market concluded last week on a minor note. The reason for the reduction of quotations again become makrostatistika the U.S., which again reinforced the concerns of investors regarding the future prospects of the economy.
As a result of trading on Friday, September 3 at the New York Mercantile Exchange price of a futures contract for WTI crude oil for October delivery fell 0.42 dollars - up 74.6 per barrel. At the InterContinental Exchange in London, the October contract to grade Brent Crude prices have fallen by 0.26 dollars to close at a mark of 76.67 dollars per barrel.
The last trading day of the week has elevated volatility. The dynamics of oil prices reflected the mood of investors, changing after each new portion of the macroeconomic data. Pleased with the players long-awaited report on employment in the U.S. non-farm sector, were better than analysts' forecasts. According to these data, in the reporting month fell by 54 thousand Analysts also expect the fall to 105 thousand when the main cause of reducing the overall number of jobs the dismissal of staff employed at the time of the census, while private sector employment grew by 67 thousand against the forecast of 40 thousand in the positive side of the July data were revised (fall of 54 thousand against a reduction of 131 thousand previously). According to the latest figures from the private sector jobs grew in July to 107 thousand against 71 thousand earlier.
"In general, data revisions upward makes the report much stronger than we expected - analysts say Barclays Capital. - It does not change the moderate upward trend in employment in the private sector and not consistent with fears that the economy shows a sharp slowdown. We believe that this report in conjunction with other data will persuade the Fed to refrain from launching a new program to buy assets. "
"Released on Friday report on employment will help reduce the remaining concerns about the double recession - according to analysts Capital Economics. - Yet now, a year after the start of reconstruction, economic growth is still very weak and probably will remain as such. In these circumstances, we expect that several more years unemployment will remain at a very high level. "
Against this background, oil prices went up, but the publication of an index of business activity in the services sector the U.S. again to change the mood of market participants on the downbeat, which quotes "black gold" in New York fell to 73.2 dollars per barrel. Futures erupted after it became known that in August, an indicator of business activity fell to its lowest level in seven months - 51.5 points (54.3 points against the previous month and 53.2 points, expected by analysts). "This level is dangerously close to a mark of 50 points, signals contraction. The U.S. economy will grow more slowly in the second half of 2010. Than in the first," - believe in the Commerzbank.
