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NYMEX crude oil prices rebound in Asia after sharp drop last week

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Investing.com -

Investing.com - Crude oil prices rebounded in Asia on Monday with last week's sharp fall providing room for bargain hunters.

On the New York Mercantile Exchange, crude oil for delivery in October traded at $93.48 a barrel, up 0.20%, after tumbling last week to end down 1.23% at $93.29 a barrel.

Last week, crude oil futures declined following the release of disappointing U.S. employment data and as Ukraine and pro-Russian separatists agreed to a ceasefire.

In a report, the Department of Labor said that the U.S. economy added 142,000 jobs in August, the lowest amount in eight months and less than the expected increase of 225,000.

The report also showed that the U.S. unemployment rate ticked down to 6.1% last month from 6.2%, but that was mostly due to more people dropping out of the labor force.

While the U.S. economy continues to gain steam, Federal Reserve Chair Janet Yellen has expressed concern over slackness persistent in the labor market.

The U.S. is the world's largest oil consuming nation and employment figures are used as indicators for fuel demand growth.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery slumped 0.99%, or $1.01, to settle at $100.82 a barrel by close of trade on Friday.

For the week, the October Brent contract lost 2.29%, or $2.37 after Ukraine signed a ceasefire deal with pro-Russia rebels, taking the first step toward ending the five-month old conflict in eastern Ukraine.

Russia is the world's largest energy exporter.

In the week ahead, investors will be looking ahead to Friday's U.S. data on retail sales and consumer sentiment for further indications on the strength of the economic recovery and the possible future path of monetary policy.

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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