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The KSA boosted prices just after refusing to bend to U.S. pressure to pump more crude oil. With OPEC unanimously agreeing to stick to its plans, attention now turns to whether U.S. President Joe Biden will respond.
The total active U.S. rig count, which includes those drilling for natural gas, climbed by six to stand at 550, according to Baker Hughes.
December West Texas Intermediate crude continued to trade sharply higher, up $2.40, or 3.1%, at $81.21 a barrel on the New York Mercantile Exchange.
U.S. energy firms and drillers this week have added oil and natural gas rigs for the second successive week as oil prices held near seven-year highs.
The U. S. dollar jumped on Friday to hit highest level in a year, after official data revealed more solid U.S. job growth in October, but the American currency retreated in late trading as risk appetite improved and stocks surged.
Bitcoin cash jumped about 5% to $632 Friday after a fake news release said Kroger will accept bitcoin cash in its stores.
The report appeared on PR Newswire, a site where many companies publish official statements, and was automatically picked up by Kroger KR’s investor relations page. The statement has been deleted from both sites.
Economic Data
Nonfarm Payrolls (NFP) in the US rose by 531,000 in October, this reading came in better than the market expectation of 425,000. September’s print got revised higher to 312,000 from 194,000. The Unemployment Rate declined to 4.6% from 4.8% in September, compared to analysts’ estimate of 4.7%, the new figures were surely praised by U. S. President Joe Biden who asserted that the figures evidence that his polices are successful.
Additionally, the Labor Force Participation Rate remained unchanged at 61.6% and the wage inflation, as measured by the Average Hourly Earnings, rose 4.9% on a yearly basis vs 4.6% in September.
Other Developments
New indexes are either created or being created to track commodities that are required and will be relied upon in this transition.
New indexes will include copper, graphite, nickel, lithium and cobalt, since all are essential in the electrification process, the transition from internal combustion engines to electric vehicles, and the building of energy storage technologies.
Gold price is trading close to new highs over five successive days at $1,800, as a relaxed market mood boosts the underlying bullish momentum, with the focus now shifting to digest the Nonfarm Payrolls data.
Resurfacing concerns over the indebted Chinese property sector combined with pre-NFP cautious trading has weighed down on the investors’ sentiment, behind the traditional safe-haven gold.
Also Read:
The Dollar Rises by NFP Data Before Retreating
S&P 500 Touches Further Record
Green Economy Commodities Atop China’s Supercycle
Positive Jobs Fail To Benefit CAD
KSA, U.S. Fight Over Crude Oil Prices
RBA Concerned About W-Shaped Recovery
Supply Chain, Shipping Delays Still Persist
Treasury Yields Fall After NFP Data
Wall Street Shares Surge After Solid NFP Report
