Oil prices corrects up Friday morning, after a sharp drop last night.
Wednesday’s inventory figures from the US Energy Agency showed record levels, and the concerns of oversupply has flared up again.
WTI -Oil fell 3.5 percent to $ 43.16 a barrel on the commodity exchange in New York Thursday.
– risk on the downside
on Friday morning’s WTI oil $ 43.41, up 0.6 percent in today’s trading.
Brent November oil traded for $ 45.73 a barrel, up 0.6 percent today, but down from around $ 46.15 a barrel at closing on the Oslo stock Exchange yesterday.
– the end of the driving season in the US and the prospect of bearing construction creates risk on the downside for oil prices, and may see further pressure on energy stocks today, said CMC Markets analyst Ric Spooner said.
Investors’ focus is on today’s job report from US (non-farm payrolls), characterized by many as the month most important numbers.
the consensus lies told Reuters that 180,000 new jobs were created outside the agricultural sector in August.
Labour report will be read carefully in the search for new signals about a possible. interest-rate hike at the Federal Reserve’s next meeting, and general economic condition in the world’s largest oil consumer.
– “Reality check”
Commerzbank analyst Eugen Weinberg believes Wednesday’s inventory data from the US was a “reality check” for the oil market.
– Investors have finally woken up to the fact that the August rise was driven by speculation and not fundamentals. What we now see is that the market corrects itself accordingly, says Weinberg according to TDN Finans to the Wall Street Journal.
Commerzbank believes prices are heading towards $ 40, a sight IG analysts in Melbourne not parts.
– Oil prices have been very volatile, but are on average 44-45 dollars last month. Unless we see a systematic cuts from OPEC, which will not happen, or an unimaginable increase in demand from China, I do not think prices will move significantly in either direction, said market strategist Evan Lucas to Bloomberg.
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