Crude futures fall ahead of US employment report

05 October 2012 12:47  [Source: ICIS news]

SINGAPORE (ICIS)--Crude futures declined on Friday, falling by more than $1/bbl at one stage, amid expectations that the US non-farm payrolls report for September due out later in the day will reveal a rise in US unemployment levels.

At 11:28GMT, November Brent crude on London’s ICE futures exchange was trading at $111.83/bbl, down by 75 cents/bbl from the previous close. Earlier, the North Sea benchmark fell to a session low of $111.48/bbl, down by $1.10/bbl.

November NYMEX light sweet crude futures (WTI) were trading at $90.85/bbl, down by 86 cents/bbl from the previous close. Earlier, the US benchmark declined to a session low of $90.66/bbl, down by $1.05/bbl.

Crude prices had rallied on Thursday with November ICE Brent gaining more than $4/bbl, buoyed by upbeat comments from the European Central Bank on moves to resolve the eurozone debt crisis and heightened Middle East tensions.

However, concerns over the strength of the global economy re-emerged on Friday. The US September non-farm payrolls data is viewed as an indicator as to the success of the Federal Reserve money stimulus programme.

Crude prices had fallen earlier in the week following the release of weak economic data from China and the eurozone which raised concerns over global oil demand growth in 2012.

By: James Dennis
+65 6780 4327

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