Oil Steady; Focus is Jobs Report
Posted at Friday, February 5th, 2010 at 8:26 am
Crude oil futures pared losses sparked by a surging dollar, as the focus shifted toward key U.S. nonfarm payroll data.
Participants were awaiting further cues about economic recovery in the U.S., after a volatile trading week in which economic optimism surged, and then plummeted. Oil prices skidded 5% in New York Thursday.
“Today hopes must be high for some positive nonfarm payroll data to undo some of the damage done yesterday,” London-based brokerage PVM Oil Associates said in a note. “However, all the work done by the positive manufacturing data that sparked this week’s rally has been undone, and we’re pretty much back to last Friday’s closing levels.”
Read More at the Wall Street Journal
