Crude Rebounds as U.S. Payrolls Surge Eases Economic Jitters - Bloomberg:
Oil rebounded, erasing the day’s losses, as a forecast-topping U.S. employment report offered hope for a crude market consumed by economic worries. Prices were still set for a weekly decline, though.
Futures in New York edged 0.2% higher after earlier dropping as much as 1.8%. Payrolls climbed by 224,000 in June, exceeding all economist estimates. The ultimate fallout of the report was unclear, though, as investors fretted that labor-market strength would decrease the odds of a Federal Reserve rate cut. The dollar surged, adding to pressure on commodities sold in the U.S. currency.
West Texas Intermediate crude was still headed for a weekly decline, as German factory orders added to a spate of sluggish manufacturing data around the globe. That’s overshadowed this week’s decision by OPEC and its allies to extend supply curbs and the seizure of a tanker carrying Iranian crude by British special forces on Thursday.
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