Sinochem New Online News As the U.S. unemployment rate unexpectedly dropped sharply to 8.6% in November, market sentiment was boosted and international oil prices rose on the 2nd.
The same day, the data released by the US Department of Labor showed that the U.S. employment increased by 120,000 in November, basically in line with market expectations, while the unemployment rate fell from 9.0% in October to 8.6%, the lowest point in two and a half years, and the US job market further improve. Recently, a series of economic data released by the United States showed that the US economy showed signs of improvement in the fourth quarter and became a major driver of rising oil prices.
The Iranian nuclear issue remains one of the focuses of the market and it also boosts the price of oil. Although the European Foreign Minister failed to reach an agreement on the imposition of joint sanctions against Iran on the 1st, Iran still faces pressure from sanctions and global crude oil supply may still decrease.
In addition, market sentiment is still weighed down by the European debt crisis. The European debt crisis and the risk of economic recession in Europe have brought challenges to the world economic growth and have affected the prospects for crude oil demand. Currently, the market expects that the upcoming European leaders’ summit on December 9th will take effective measures to resolve the debt crisis.
At the close of the day, the price of light crude oil** delivered on the New York Mercantile Exchange rose by 76 cents to settle at $100.96 a barrel, or 0.76%. The price of Brent crude oil in London's North Sea, which was delivered in January, rose 95 cents to $109.94 a barrel, or 0.87%.
The same day, the data released by the US Department of Labor showed that the U.S. employment increased by 120,000 in November, basically in line with market expectations, while the unemployment rate fell from 9.0% in October to 8.6%, the lowest point in two and a half years, and the US job market further improve. Recently, a series of economic data released by the United States showed that the US economy showed signs of improvement in the fourth quarter and became a major driver of rising oil prices.
The Iranian nuclear issue remains one of the focuses of the market and it also boosts the price of oil. Although the European Foreign Minister failed to reach an agreement on the imposition of joint sanctions against Iran on the 1st, Iran still faces pressure from sanctions and global crude oil supply may still decrease.
In addition, market sentiment is still weighed down by the European debt crisis. The European debt crisis and the risk of economic recession in Europe have brought challenges to the world economic growth and have affected the prospects for crude oil demand. Currently, the market expects that the upcoming European leaders’ summit on December 9th will take effective measures to resolve the debt crisis.
At the close of the day, the price of light crude oil** delivered on the New York Mercantile Exchange rose by 76 cents to settle at $100.96 a barrel, or 0.76%. The price of Brent crude oil in London's North Sea, which was delivered in January, rose 95 cents to $109.94 a barrel, or 0.87%.
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