U.S. oil futures closed up $1.84 at $53.98 on Tuesday, above earlier highs and erasing losses on strong jobs data and U.S. government forecasts for lower domestic crude production growth and higher global demand for oil.
An Energy Information Administration (EIA) monthly report raised forecasts for U.S. and global demand growth and lowered forecasts for crude oil production growth in the United States. Brent crude oil was last up 88 cents at $59 a barrel, just shy of its session peak of $59.27.
Saudi Arabia’s oil minister Ali al-Naimi said that the kingdom remains ready to help stabilize the market and improve prices in a “reasonable and suitable manner” with the help of other producers. Separately, U.S. job openings surged to a 14-year high in February the Labor Department said in its monthly Job Openings and Labor Turnover Survey (JOLTS), lifting oil prices.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015