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Energy Market Report
Fri 03 Feb 2012 15:24:01 CT
Related Keywords: Energy
Related Keywords: Energy
Recap Energy Market Report
March crude oil trended higher throughout the trading session and broke its 5-day losing streak in the process. The market drafted support during the early morning hours on renewed threats from Iran over recent sanctions. Crude oil prices surged higher following this morning's US jobs data that showed the largest number of jobs added since April. The Unemployment rate in January fell to 8.3%, which was the lowest level in nearly 3-years. Traders took the positive jobs figures and signs of improvement within the services sector as evidence that the US economy was improving. Meanwhile, gains in Brent crude oil outpaced those in WTI during the session, pushing the spread differential between the two grades above $17.00. March crude oil experienced a volatile trading week, with a high to low price range of $5.85. Friday's price gain managed to pare losses and helped limit the weekly loss to 1.7%.
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