ND: Commodities: Oil suffers on jobs, rebounds quickly
FXstreet.com (London) - Crude futures came off as much as 50c on unimpressive jobless figures out of the US today. Price had been moving in a tight 20c channel between $81.90 and $82.10 prior to the release. Jobless figures are percieved as a good marker of economic recovery and the consumption effect that comes with growth, as such oil price is largely driven by broad economic cues.
Yesterday Crude was given extra support as EIA inventory figures showed lower than expected surpluses. Since breaking out of the $60-$80 range oil has looked extremely well supported even when risk sentiment is flipping from aversion to appetite. WTI front month futures currently trade at $81.84 pulling up from lows of $81.30 earlier this session.
