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OIL FUTURES HIT NEW HIGH OF .32 AND PREDICTED TO GO HIGH - 06 JUNE 2009
Oil prices closed lower Friday, after briefly rising to a 6-month high above a barrel, as investors took the government's latest employment report as an indication of the improving health of the U.S. economy.
Prices surged to .32 a barrel immediately following the report, but turned lower as the day progressed. Crude ended the session down 37 cents at .44 a barrel.
The oil market pays particular attention to the health of U.S. economy, the world's largest consumer of energy.
Job losses slowed dramatically in May, according to the latest government reading on the labor market. May's job losses were the fewest since last September.
The stronger U.S. dollar, thanks to the jobs report, also contributed to oil's retreat. The euro lost 1.4% against the dollar, the pound was down 1% against the dollar and the greenback surged 1.8% against the Japanese yen.
A stronger greenback weighs down the price of oil because the dollar is used as the currency for oil all over the globe, and so when the dollar strengthens, oil becomes more expensive in other currencies.
Also supporting oil prices, Goldman Sachs (GS, Fortune 500) released a research report Thursday raising its 3-month price target for crude oil to a barrel from a barrel. By the end of 2009, the report predicts oil will reach a barrel, up from a barrel. And by the end of 2010, Goldman forecasts that crude will hit a barrel.
"When Goldman Sachs starts to talk bullish the market seems to move like it just got an offer that it just can't refuse," said Phil Flynn, senior market analyst at Alaron Trading, in his daily research note.
CNN MONEY
Prices surged to .32 a barrel immediately following the report, but turned lower as the day progressed. Crude ended the session down 37 cents at .44 a barrel.
The oil market pays particular attention to the health of U.S. economy, the world's largest consumer of energy.
Job losses slowed dramatically in May, according to the latest government reading on the labor market. May's job losses were the fewest since last September.
The stronger U.S. dollar, thanks to the jobs report, also contributed to oil's retreat. The euro lost 1.4% against the dollar, the pound was down 1% against the dollar and the greenback surged 1.8% against the Japanese yen.
A stronger greenback weighs down the price of oil because the dollar is used as the currency for oil all over the globe, and so when the dollar strengthens, oil becomes more expensive in other currencies.
Also supporting oil prices, Goldman Sachs (GS, Fortune 500) released a research report Thursday raising its 3-month price target for crude oil to a barrel from a barrel. By the end of 2009, the report predicts oil will reach a barrel, up from a barrel. And by the end of 2010, Goldman forecasts that crude will hit a barrel.
"When Goldman Sachs starts to talk bullish the market seems to move like it just got an offer that it just can't refuse," said Phil Flynn, senior market analyst at Alaron Trading, in his daily research note.
CNN MONEY
Industrial Action
The National Union of Mineworkers expresses its support for fellow trade unionists in the Public Sector who today are having to resort to withdrawing their labour (a fundamental right of any worker) and take strike action against these unfair cuts to their pensions and terms and conditions.
T
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Funeral of Gerry Gibson
It is with deep regret that the NUM (Yorkshire Area) announce the Funeral Service details for Gerry Gibson who tragically lost his life at Kellingley Colliery on Tuesday 27th September 2011.The Service in dedication to Gerry a much respected member,work mate & fellow miner will be held in
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Statement from Gerry's Family
We are all truly devastated by Gerry's sudden and tragic death.
We would like to pay tribute to everyone involved in attempts to rescue Gerry - all work colleagues; Kellingley rescue team; the air ambulance team and all other medics who were on site. Their tireless efforts were not i
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Fatality at Kellingley Colliery
it is with deep regret that the national union of mineworkers has to confirm that as a result of a tragic accident at kellingley colliery one of our members has lost his life.
the whole workforce at the colliery are devastated at the loss of a friend and colleague as a result of a roof fall on 502s
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