|09-05-2014, 02:12 PM||#1|
Oil futures pare weekly losses, but firm dollar weighs
Oil prices picked up slightly early Friday, but the global benchmarks were still ready to post its third weekly slide in four as the dollar marked its strongest performance in almost a year.
The soft rebound in prices came on the heels of the Energy Information Administration`s weekly report yesterday that showed U.S. crude oil stockpiles dropped by 0.9 million barrels last week, matching analysts` average forecast.
In its short-term eneryg outlook, the EIA cuts its international consumption forecast to 91.56 million barrels a day this year and 92.96 million barrels a day next year, from 91.62 million barrels a day and 93.08 million barrels a day called for in July.
Yesterday`s news has been mostly strong. Jobless claims are low, exports are up as are imports from China, while indications from the services sector were very solid. The day`s news does include, however, a dip in ADP`s employment data, a soft indication offset in part by a rise in ISM`s non-manufacturing employment index.
The dollar benefited from yesterday`s economic feed, especially the surprise rate cut in Europe. The dollar edged higher against the euro after the ECB`s announcement which includes further action, the buying of asset backed securities and covered bonds.
The USDIX hit a fresh one-year high today but was little changed around 83.79, compared with the previous close at 82.82.
If today`s employment report shows the same kind of strength as yesterday`s reports did, then expectations for Fed tightening will definitely be pulled forward, which might help the futures reverese some of the weekly losses.
As of 04:34 am ET
- West Texas Intermediate for delivery in October rose 0.32% to $94.75 a barrel on the New York Mercantile Exchange
- Brent for October delivery rose 0.27% to $102.09 a barrel on the ICE exchange in London
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