COMMODITIES UPDATE: Nov 2013 Crude Oil (WTI) Contract Up 0.4% At $99.65 Per Barrel

By Staff,

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Weak payrolls data from the Labor Department today will likely keep benchmark crude oil below $100 a barrel, although it has a weak bid this morning.

Oil futures contracts (CLX13.NYM) are up 43 cents, or 0.4%, to $99.65, off the previous close Monday of $99.22.

West Texas Intermediate crude hadn't traded below $100 a barrel since the beginning of July. The 52-week futures contract price range is $85.96-$111.34.

According to U.S. Labor Department figures released today, the nation's unemployment rate unexpectedly fell to 7.2% last month despite fewer jobs being added than expected, which was seen throughout the markets as a negative for oil consumption.

Separately, crude supplies rose by 4 million barrels - or roughly double the expected build - to 374.5 million barrels during the week ended Oct. 11, the Energy Information Administration said yesterday, also contributing to a lower price base.

Shares of the exchange traded fund United States Oil ( USO ) were up 12 cents or 0.3% to $36.06 this morning.

Exxon Mobil ( XOM ) shares are up 45 cents or 0.5% to $87.68, while Chevron ( CVX ) is up 0.6% or 69 cents to $120.51.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: CVX , USO , XOM

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