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NYMEX crude eases in Asia, focus on U.S. jobs data

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Investing.com -

Investing.com - Crude oil prices eased slightly in Asia on Friday ahead of U.S. data expected to show a gain of 218,000 jobs, underpinning continued strength for the dollar.

West Texas Intermediate and Brent oil futures both dropped to multi-week lows on Thursday, as the U.S. dollar rallied after the European Central Bank cuts its deposit rate below zero and said additional steps would include targeted long-term loans.

On the New York Mercantile Exchange, U.S. crude oil for delivery in July traded at $102.45 a barrel, down 0.03%, after falling to a session low of $101.61 a barrel, the weakest level since May 21, before trimming losses.

The ICE Brent oil contract erased early losses and rose 0.4% to $108.79, ending four straight losing sessions.

The European Central Bank cut its benchmark interest rate to a record-low 0.15% from the 0.25% rate held since November earlier in the day.

The central bank also cut its marginal lending rate to 0.40% from 0.75% and lowered its deposit facility rate to -0.10% from 0.0%, thereby charging commercial banks for deposits parked overnight with the central bank.

Speaking at the ECB's post-policy meeting press conference, Draghi outlined a number of other liquidity-boosting measures, including a targeted long term loan program and ending bond purchase sterilizations. Draghi added that the central bank was preparing for asset-backed security purchases.

A stronger U.S. dollar usually weighs on oil as it makes dollar-priced commodities more expensive for holders of other currencies.

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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.


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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