Oil prices extend gains

GMT 18:04 2015 Monday ,05 October

Arab Today, arab today Oil prices extend gains

Oil prices extend gains
London - Arab Today

US benchmark West Texas Intermediate for delivery in November climbed 44 cents to $45.98 a barrel.

Brent North Sea crude for November delivery rose 54 cents to $48.67 a barrel.

Data ahead of the weekend showed the number of active rigs in the United States fell to a five-year low of 614 last week, helping ease concerns over the global oversupply that has depressed prices.

"Falling US oil rigs suggest that we could see more US production cuts, which could ease the over-supply issue," said Bernard Aw, market strategist at traders IG Markets.

The US Labor Department meanwhile said Friday that jobs growth in the world's biggest economy and top oil consumer faltered in September and the labour market weakened across the board.

This stoked concerns about demand for oil when growth in China, the world's number two economy and major energy consumer, is slowing.

"The soft US payroll report raised expectations that the Fed will push back its rate hike further," Aw told AFP.

The US economy added a disappointing 142,000 jobs during the month, well below analyst estimates, and the August jobs data was revised sharply lower to 136,000.

Analysts said the soft numbers could prompt the US central bank to push back its first interest rate hike in almost a decade, already delayed by China-driven turmoil in global financial markets.

Analysts had predicted the Federal Reserve would raise interest rates by December after policymakers held back during a meeting in September.

An interest rate rise would potentially drive up the greenback against other currencies, denting demand for dollar-denominated oil as it becomes more expensive for international buyers

Arab Today, arab today
Arab Today, arab today
arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabs, Arab, Arab