Categorized | ForexYard

Crude Jumps Following Non-Farm Data

Posted on 08 November 2010 by ForexYard

Friday’s US Non-Farm data gave crude oil a significant boost to close out the week. Crude saw a 125 pip spike on Friday afternoon, and closed out the week trading close to $87.50 a barrel. Analysts attributed the gains to the better than expected employment data, but cautioned that as long as the dollar maintains its current bullish trend, crude gains will likely be muted. Since markets opened last week, the price of oil has already dropped around 50 pips.

Today, crude prices will largely be determined by where the dollar moves. Analysts remain cautious about the US economic recovery. Any negative US news will likely cause the greenback to slip, in which case, oil will likely move up as a result.

This analysis is republished with permission from ForexYard. Their daily analysis can also be found at Daily Commodity News.

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