Medical and Hospital News  
OIL AND GAS
Wild ride for crude oil prices
by Daniel J. Graeber
New York (UPI) Aug 5, 2016


disclaimer: image is for illustration purposes only

Crude oil prices started Friday in volatile territory after the U.S. government reported the economy added more jobs in July, though key metrics were unchanged.

Crude oil prices rallied during the latter half of the week after a brief dip below $40 per barrel. Federal U.S. data show a mixed picture for a market trying for balance between supply and demand, a situation evident by strong intra-day swings in crude oil prices.

Oil turned negative in overnight trading, recovered briefly before the opening bell on Wall Street and then slipped again after the U.S. Commerce Department reported jobs data for July.

The price for Brent crude oil was relatively unchanged from the previous close to start trading at $44.21 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, lost 0.2 percent to open at $41.38 per barrel in New York.

Private payroll processor ADP reported gains in employment in July. Official date from the U.S. Bureau of Labor Statistics show 255,000 jobs added to payrolls in July, though the overall unemployment rate was unchanged at 4.9 percent.

The trajectory for crude oil prices may be influenced later in the day when oilfield services company Baker Hughes releases weekly data on rig activity. A loose metric on exploration and production trends, the company already reported a net gain for July, with Canada showing a dramatic recovery in the wake of the May wildfires that curbed output there.

The recovery in rig activity may give support to comments from energy companies who said in their second quarter earnings reports that production could increase during the latter half of the year as market prices hold steady.

Further influence for oil prices by way of demand pressures may be apparent in U.S. jobs data showing the number of long-term unemployed, those without a job for 27 weeks or more, was unchanged over the month. That figure accounts for about a quarter of the unemployed in the United States.

Oil prices inch lower after Wednesday's rally
New York (UPI) Aug 4, 2016 - Crude oil prices drifted somewhat lower at the start of Thursday trading, balanced between a rare rate cut by the Bank of England and U.S. labor data.

Oil prices posted strong gains Wednesday after fits and starts for the week after the U.S. Energy Information Administration reported a drop in U.S. crude oil production, suggesting the market was tightening up somewhat.

Anthony Starkey, a lead manager at Platts Analytics, cautioned against too much optimism in weekly figures, noting that production in the Lower 48 actually remained flat, marking the first time since early March that production didn't drift lower.

"Given the spate of selling that crude has endured over recent weeks, a sizable gasoline draw and headline drop in total U.S. production is likely enough to keep the market supported in the short term, though bigger questions remain on the health of the global oil supply and demand picture," he said in emailed commentary.

Crude oil prices moved lower after Wednesday's strong rally. The price for Brent crude oil was down 0.7 percent to open in New York at $42.77 per barrel. West Texas Intermediate, the U.S. benchmark price for oil, was down 0.4 percent at the start of trading to $40.65 per barrel.

Some negative pressure emerged after the U.S. Labor Department reported an increase of 3,000 in first-time claims for unemployment, though at a seasonally adjusted level of 269,000, data show job prospects in the United States remain robust. Private payroll processor ADP reported this week companies were hiring more in July.

According to the Labor Department, gas-rich eastern U.S. and Great Lakes states were among those posting the largest increases in initial claims, with little movement for oil states like Texas and North Dakota.

Overseas, the Bank of England said it was cutting its bank rate for the first time in years as it works to meet the inflation target of 2 percent in the wake of the June decision to leave the European Union.

"Following the United Kingdom's vote to leave the European Union, the exchange rate has fallen and the outlook for growth in the short to medium term has weakened markedly," the bank said in a policy statement.


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
Transocean outperforms its peers
Zug, Switzerland (UPI) Aug 4, 2016
In part because of lower maintenance expenses, offshore rig company Transocean said it was able to post a gain in net income for the second quarter. The company, which has headquarters in Switzerland, reported net income of $77 million, a rare gain for an industry moving through a protracted decline in crude oil prices. "I am very pleased with the company's second quarter operati ... read more


OIL AND GAS
Search for 20 feared dead after India bridge collapse

False megaquake alert shakes Tokyo

Study highlights electric grids' vulnerabilities to extreme weather

Scientists release recommendations for building land in coastal Louisiana

OIL AND GAS
GPS jamming: Keeping ships on the 'strait' and narrow

China's satnav industry grows 29 pct in 2015

Twinkle, Twinkle, GPS

Like humans, lowly cockroach uses a GPS to get around, scientists find

OIL AND GAS
Volunteers chew bones to help identify marks of earliest human chefs

Voice control in orangutan gives clues to early human speech

1.7 million-year-old foot bone offers earliest evidence of malignant cancer

Biologists home in on paleo gut for clues to our evolutionary history

OIL AND GAS
Dwindling prey bad news for big cats, wolves

India appeals for help for baby rhinos rescued in floods

Teasing out the microbiome of the Kansas prairie

Butterflies tell plants apart by leaf shape

OIL AND GAS
'Elephantiasis' virus may boost AIDS risk: study

21 infected in far north Russia anthrax outbreak

Boy dies, dozens hospitalised in far northern Russian anthrax outbreak

Could the deadly mosquito-borne yellow fever virus cause a Zika-like epidemic in the Americas?

OIL AND GAS
China activist jailed for more than seven years

China jails rights lawyer for seven years: Xinhua

Hong Kong student leader blasted in China govt video

Riders on the plateau: Tibetans gather for horse festival

OIL AND GAS
OIL AND GAS
Japan approves huge stimulus for sluggish economy

HSBC profits plunge as Brexit uncertainty bites

China new home prices rise faster in July

Bank hacks raise fears for financial sector









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.