During the overnight Asian session crude oil began to lose its footing and accelerated its slide during the early morning U.S. session heading into the weekend. Crude oil continues to fall more than 2.75% as of this story despite better than expected Initial Jobless Claims report.
WTI crude oil prices are trading lower for the fourth session in a row as market participants jockey their positions ahead of the U.S. non-Farm Payroll numbers. Crude oil dropped as low as $85.68 on bearish comments surrounding the fragile euro zone economy from European Central Bank President Mario Draghi.
WTI crude oil prices continue to trade flat as investors wait to see if Spain will formally request a bailout and initiate a European Central Bank bond-buying program.
WTI crude oil price continues to trade slightly higher in the $2.07 range on the first session of the fourth quarter. Price has been holding on positive comments from European Union Commissioner Olli Rehn about the Spanish banking system’s stress tests, suggesting the euro zone debt crisis could be contained.
Federal Reserve Chairman Ben Bernanke did not introduce a third round of quantitative easing (QE3) in his speech at Jackson Hole on Friday. But he did put forth the framework for what one analyst termed “QE forever” — which could lead to permanently high oil prices.
Brazilian oil and natural gas company Petroleo Brasileiro (PBR, quote) (a.k.a. Petrobras) has rebounded recently, up 8.12% for the week and 17.35% for the month. Over the same time periods, the main exchange traded fund for oil, United States Oil (USO, quote), has risen by 2.29% and 8.23%, respectively.
Crude oil is heading lower into the weekend after disappointing data stretched from China’s export/import figures to the U.S. import price index; all adding to yesterday’s pressure from the European Central Bank statement observing deterioration.
Commodity pairs are three currency pairs that allow investors to expose your portfolio to the commodity markets. They are mainly based on the widely traded currencies of countries with large commodity sectors: Canada, Australia, and New Zealand.