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