Market Chatter: WTI Oil Fluctuates on Jobs Data, Dollar

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"West Texas Intermediate crude fluctuated as U.S. employers added more jobs than estimated, sending the dollar higher. Brent oil fell to the lowest level of 2013 on increasing flows in a North Sea pipeline," Bloomberg reported.

It reported: "Futures traded within a $1-a-barrel range as the dollar reached the highest level this year against the euro. The Labor Department said that the jobless rate fell to a five-year low of 7.7% in February. The Brent Pipeline System is "approaching" its targeted flow rate of 80,000 barrels a day, an official for Abu Dhabi National Energy Co. (TAQA), or Taqa, said by phone. The link shut for five days on March 2 because of a leak. WTI open interest rose to a record for a fifth time yesterday."

It said: "Crude oil for April delivery gained 20 cents to US$91.76 a barrel at 2.14 p.m. on the New York Mercantile Exchange. The volume of all futures traded was 6.8%t below the 100-day average. The contract is up 1.2% this week. Open interest was a record 1.72 million contracts yesterday."

It added: "Brent oil for April settlement decreased 24 cents, or 0.2%, to $110.91 on the London-based ICE Futures Europe exchange. Futures touched $109.14, the lowest level since Dec. 26. Prices are up 0.5% this week. The volume of all futures traded was 86 percent above the 100-day average."



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This article appears in: Investing , Commodities

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