Oil fell for a second day after U.S. equities declined and the dollar strengthened against the euro as applications for U.S. unemployment benefits unexpectedly decreased.
Futures declined the most in three weeks yesterday, tumbling from a five-month high. A report today may show the U.S. jobless rate increased for a second month in September.
“The huge spike in equities was fueling the price rise in oil, and with the Dow cooling off, so too has the energy market,” Mike Sander of Sander Capital Advisors in Seattle, said in an e-mailed note today. “There is much uncertainty in the market at the moment with everyone waiting to see what the jobs report says.”
The November contract lost as much as 38 cents, or 0.5 percent, to $81.29 a barrel in electronic trading on the New York Mercantile Exchange, and was at $81.48 at 11:08 a.m. Sydney time. Yesterday it shed $1.56, or 1.9 percent, to $81.67, the biggest drop since Sept. 16. Crude is down 0.3 percent this week and 2.5 percent lower this year.
The U.S. currency was trading little changed at $1.3915 against the euro at 9:29 a.m. in Tokyo. It closed steady at $1.3926 yesterday after advancing 0.5 percent. Jobless claims fell by 11,000 to 445,000 in the week ended Oct. 2, the fewest since July 10, Labor Department figures released yesterday in Washington showed.
Jobless Rate
Futures declined the most in three weeks yesterday, tumbling from a five-month high. A report today may show the U.S. jobless rate increased for a second month in September.
“The huge spike in equities was fueling the price rise in oil, and with the Dow cooling off, so too has the energy market,” Mike Sander of Sander Capital Advisors in Seattle, said in an e-mailed note today. “There is much uncertainty in the market at the moment with everyone waiting to see what the jobs report says.”
The November contract lost as much as 38 cents, or 0.5 percent, to $81.29 a barrel in electronic trading on the New York Mercantile Exchange, and was at $81.48 at 11:08 a.m. Sydney time. Yesterday it shed $1.56, or 1.9 percent, to $81.67, the biggest drop since Sept. 16. Crude is down 0.3 percent this week and 2.5 percent lower this year.
The U.S. currency was trading little changed at $1.3915 against the euro at 9:29 a.m. in Tokyo. It closed steady at $1.3926 yesterday after advancing 0.5 percent. Jobless claims fell by 11,000 to 445,000 in the week ended Oct. 2, the fewest since July 10, Labor Department figures released yesterday in Washington showed.
Jobless Rate
The jobless rate probably increased in September for a second month as the year-old U.S. recovery failed to generate enough jobs to keep up with a growing labor force. Unemployment climbed to 9.7 percent from 9.6 percent in August, according to the median estimate of 62 economists surveyed by Bloomberg News ahead of a report from the Labor Department today.
The Standard & Poor’s 500 Index declined 0.2 percent to 1,158.06 in New York yesterday. The index has fallen two straight days after closing at the highest level since May. The Dow Jones Industrial Average slipped 19.07 points, or 0.2 percent, to 10,948.58.
U.S. crude oil supplies gained 3.09 million barrels to 360.9 million in the week ended Oct. 1, an Energy Department report showed Oct. 6. Stockpiles were forecast to rise 413,000 barrels, according to the median of 14 analyst estimates in a Bloomberg News survey.
Brent crude for November settlement lost as much as 40 cents, or 0.5 percent, to $83.03 a barrel on the ICE Futures Europe exchange in London. Yesterday it declined $1.63, or 1.9 percent, to $83.43.
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The Standard & Poor’s 500 Index declined 0.2 percent to 1,158.06 in New York yesterday. The index has fallen two straight days after closing at the highest level since May. The Dow Jones Industrial Average slipped 19.07 points, or 0.2 percent, to 10,948.58.
U.S. crude oil supplies gained 3.09 million barrels to 360.9 million in the week ended Oct. 1, an Energy Department report showed Oct. 6. Stockpiles were forecast to rise 413,000 barrels, according to the median of 14 analyst estimates in a Bloomberg News survey.
Brent crude for November settlement lost as much as 40 cents, or 0.5 percent, to $83.03 a barrel on the ICE Futures Europe exchange in London. Yesterday it declined $1.63, or 1.9 percent, to $83.43.
http://jodnet.blogspot.com
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