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Market Chatter: WTI Oil Fluctuates on Jobs Data, Dollar

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

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