BR100 Decreased By (-0.15%)
BR30 Decreased By (-0.74%)
KSE100 Decreased By (-0.41%)
KSE30 Decreased By (-0.67%)
BECO 5.80 Decreased By ▼ -0.23 (-3.81%)
BML 58.03 Increased By ▲ 5.28 (10.01%)
BOP 33.85 Decreased By ▼ -0.40 (-1.17%)
CNERGY 8.15 Decreased By ▼ -0.01 (-0.12%)
DCL 11.77 Decreased By ▼ -0.57 (-4.62%)
FCCL 53.35 Decreased By ▼ -0.54 (-1%)
FCSC 5.40 Increased By ▲ 0.18 (3.45%)
FFL 17.89 Decreased By ▼ -0.14 (-0.78%)
FNEL 1.31 Increased By ▲ 0.01 (0.77%)
HUMNL 11.06 Increased By ▲ 0.06 (0.55%)
KEL 8.05 Decreased By ▼ -0.06 (-0.74%)
KOSM 5.45 Increased By ▲ 0.07 (1.3%)
MLCF 87.19 Decreased By ▼ -0.86 (-0.98%)
NBP 184.60 Decreased By ▼ -1.88 (-1.01%)
PACE 11.62 Increased By ▲ 0.90 (8.4%)
PAEL 40.31 Increased By ▲ 0.37 (0.93%)
PIAHCLA 26.10 Decreased By ▼ -0.07 (-0.27%)
PIBTL 17.09 Decreased By ▼ -0.23 (-1.33%)
PPL 228.40 Decreased By ▼ -4.38 (-1.88%)
PRL 34.59 Decreased By ▼ -0.36 (-1.03%)
PTC 67.35 Decreased By ▼ -0.21 (-0.31%)
SEARL 91.00 Increased By ▲ 0.07 (0.08%)
SSGC 26.90 Decreased By ▼ -0.27 (-0.99%)
TELE 8.53 Decreased By ▼ -0.04 (-0.47%)
THCCL 66.14 Increased By ▲ 6.01 (10%)
TPLP 9.29 Increased By ▲ 0.53 (6.05%)
TREET 24.59 Increased By ▲ 0.05 (0.2%)
TRG 71.69 Decreased By ▼ -0.06 (-0.08%)
WAVES 10.98 Increased By ▲ 1.00 (10.02%)
WTL 1.28 Increased By ▲ 0.02 (1.59%)
Markets

Oil prices mixed before US jobs data

Published December 6, 2013 Updated December 6, 2013 02:26pm

imageLONDON: World oil prices diverged on Friday before US jobs data, with traders looking to see if the numbers will hasten the Federal Reserve to start reducing its huge stimulus programme.

New York's main contract, West Texas Intermediate (WTI) for delivery in January, fell 18 cents to $97.20 a barrel.

Brent North Sea crude for January rose 38 cents to stand at $111.36 a barrel in midday trade.

"Investors have adopted a cautious attitude ahead of key data releases today with the anticipation that any further positive surprises will support the view that the Fed will begin tapering soon," said Sucden brokers analyst Kash Kamal.

"With November non-farm payrolls and the unemployment rate as well as the University of Michigan confidence survey due this afternoon, trading could remain choppy throughout the session as investors adopt a wait and see attitude."

The data could add to recent figures that point to a pick-up in the world's top economy, raising the prospect of the US Federal Reserve cutting its monetary easing scheme this month instead of early next year as previously flagged by analysts.

US oil futures have meanwhile risen this week mainly on the announcement that part of the Keystone pipeline in the United States would open in January, bringing oil from Cushing, Oklahoma, to Texas refineries along the Gulf of Mexico.

The US government on Wednesday reported an unexpected drop in American crude-oil inventories last week, the first decline since mid-September.

Prices also gained support on Thursday after the US Commerce Department revised sharply higher US economic growth in the third quarter to an annual rate of 3.6 percent from an initial estimate of 2.8 percent.

"The series of good data releases may hint (at) greater appetite for oil by the US as demand will be boosted by increasing economic activities," Tan Chee Tat, an investment analyst at Phillip Futures in Singapore.

European benchmark Brent retained broad support over concerns of a supply disruption in the North Sea, he added.

A fierce storm battered northern Europe with hurricane winds on Thursday, leaving five people dead or missing, while British authorities had to evacuate 15,000 homes on the North Sea coast.

The market this week also reacted to OPEC's decision on output.

The Organization of Petroleum Exporting Countries, which pumps out one third of the world's crude, agreed to hold its crude production ceiling at 30 million barrels per day despite oversupply concerns and competition from cheaper shale oil.

Comments

Comments are closed for this article.