Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Crude oil prices stand still after long rally
by Daniel J. Graeber
Washington DC (UPI) Oct 06, 2016


disclaimer: image is for illustration purposes only

Crude oil prices started Friday in relatively flat territory as investors searched for clues in the latest monthly jobs data from the United States.

Crude oil prices are up more than $5 per barrel over the last week as sector confidence builds up behind a proposal last month from members of the Organization of Petroleum Exporting Countries to keep production steady. An oversupplied market helped drag oil prices below $30 per barrel this year as supply-side strains persisted, though the U.S. market has shown steady declines in crude storage levels in recent weeks in a sign of a shrinking gap between supply and demand.

The U.S. Labor Department reported non-farm payrolls increased 156,000 in September, slightly less than analysts had expected. The total rate of unemployment ticked up slightly to 5 percent. Wage growth, meanwhile, was slightly better than inflation over the last year, though the Labor Department said employment gains were worse than last year.

"Thus far this year, job growth has averaged 178,000 per month, compared with an average of 229,000 per month in 2015," the monthly report read.

After more than a week of strong gains, crude oil prices drifted between small gains and small losses in early trading in New York. The price for Brent crude was down 0.25 percent to start the day at $52.38 per barrel. West Texas Intermediate, the U.S. benchmark price for oil, was down 0.2 percent to open at $50.33 per barrel.

Investors may be looking for clues in the jobs data for how the U.S. Federal Reserve will act on short-term interest rates. A rate hike, which may be contingent on the strength of the labor sector, would lift the value of the U.S. dollar and make oil more expensive for those traders who do business in other currencies.

Meanwhile, data from Baker Hughes published Friday show a recovery may be underway in the North American energy sector as rig counts there outpace growth elsewhere in the world. Higher crude oil prices could in theory lift production prospects in North America and mute the price support from last week's OPEC production proposal.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Scotland says 'no way' to controversial gas option
Washington DC (UPI) Oct 06, 2016
Gas derived from underground coal deposits will have no place in a greening Scottish economy, the country's minister for energy announced. The Scottish government, which boasts one of the more robust low-carbon programs in the world, said it would not support efforts to exploit underground gasification efforts. A report from the University of Glasgow finds the coal gasification industry ... read more


OIL AND GAS
Strong at the coast, weak in the cities - the German energy-transition patchwork

Europe ups energy security ante

NREL releases updated baseline of cost and performance data for electricity generation technologies

Chinese giant to buy Pakistani power company for $1.6 bn

OIL AND GAS
New cost-effective silicon carbide high voltage switch created

Wireless 'data center on a chip' aims to cut energy use

Advancing lithium-air batteries with development of novel catalyst

Researchers discover more efficient way to split water, produce hydrogen

OIL AND GAS
Organic semiconducting polymers can harvest sunlight to split CO2 into fuels

New findings by Stanford chemists could lead to greener methanol production

Liquid Manure Volume Reduced by Half

Can jet fuel be grown on trees?

OIL AND GAS
Japan nuclear reactor shuttered for safety work

South Africa's nuclear programme kicked into touch, again

Deal signed for giant UK nuclear project

UN trims nuclear power growth forecasts

OIL AND GAS
Emissions of key greenhouse far higher than thought: study

Climate treaty ratified in race against the clock

Microbes help plants survive in severe drought

Tax fossil fuels or risk kids' future: US climate scientist

OIL AND GAS
Scotland greens up public transportation

Germany conducting inquiry into Tesla autopilot system

Fisker relaunches electric car effort

GM, U.S. Army unveil Colorado ZH2 tactical hydrogen vehicle

OIL AND GAS
IS-claimed bombing kills five in Baghdad

Info from Iraq forces led to deadly friendly fire: military

Turkish troops to stay in Iraq despite Baghdad's objections: PM

Pentagon probes pro-govt Iraq fighter deaths in coalition strike

OIL AND GAS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.