Post-Us Jobs Report: Oil dives on soaring dollar

The February jobs report came in much stronger than expected.


Afp March 08, 2015

NEW YORK: A robust US jobs report sent the dollar soaring, driving a sell-off in the oil market that left the US futures benchmark back below $50 a barrel. West Texas Intermediate for delivery in April slid $1.15 to $49.61 on the New York Mercantile Exchange, ending near its week-ago level. Brent North Sea crude for April, the international benchmark, dropped 75 cents to $59.73 a barrel in London. The February jobs report came in much stronger than expected. The world’s largest economy added several thousand jobs, and the unemployment rate fell two-tenths to 5.5%, the lowest level since May 2008. “The strong job report was a negative for oil, and the reason for that is the dollar index has been on fire ever since this number came up,” said Phil Flynn, at Price Futures Group.

Published in The Express Tribune, March 8th, 2015.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

 

COMMENTS

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ