Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Oil Market Forecast & Review September 2013

Oil Market Forecast & Review September 2013

Crude oil prices fell since the Market is dollar-denominated. Later in the session, a stronger than expected ISM Services PMI report sent the dollar even higher, but Crude Oil traders did not sell. This was further proof that investors were more concerned over a military intervention against Syria’s government rather than supply/demand issues at this time. October Crude Oil futures traded slightly lower on Thursday because of a stronger dollar, but bearish traders were unable to break the market because of concerns over an impending invasion of Syria by the U.S. 

Although the market remained lower for the session, investors continue to push the market away from the low of the day shortly after the government announced a decline in crude oil supplies last week. According to the Energy Department’s Energy Information Administration, Crude Oil Supplies dropped by 1.8 million barrels to 360.2 million barrels. 

Although this number was above year-ago levels, speculators supported the market because of the possibility of military action against Syria late next week. Dallas and Houston's annual Job Growth rates ranked first and second among the Largest Metropolitan Areas in July. From July 2012 to July 2013, local nonfarm employment in Dallas rose 3.7 percent, more than twice the national increase of 1.7 percent, reported the U.S. Bureau of Labor Statistics. That among the 12 largest metropolitan areas in the country, Dallas ranked the first in the rate of job growth, noted Regional Commissioner Stanley W. Suchman.

The Dallas-Plano-Irving Metropolitan Division, which accounted for 70 percent of the area's workforce, added 77,500 jobs from July a year ago, a gain of 3.7 percent. Houston closely followed, up 3.6 percent.
"Many sectors are showing renewed signs of life, as we see job growth across the board," said Perez. "But we have to do more to pick up the pace of this recovery. We are not satisfied with an economy performing at anything less than its full potential. President Obama has proposed a better bargain for the middle class that will invigorate the economy and create jobs at a faster clip."



This post first appeared on Mines- Prices- Markets, please read the originial post: here

Share the post

Oil Market Forecast & Review September 2013

×

Subscribe to Mines- Prices- Markets

Get updates delivered right to your inbox!

Thank you for your subscription

×