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Oil turns positive ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic recovered losses to trade moderately positive ahead of the US payrolls data and rig count number.

    At the time of writing, WTI oil futures were up 23 cents around USD 45.44/barrel. Brent futures were up 46 cents around USD 48.42/barrel.

    Markets are focusing on the US non-farm payrolls report due in a few minutes, which is largely touted as a report that could make or break the December Fed rate hike possibility. A significant majority of the markets believes the Fed has made up its mind to raise rates in December.

    Markets are also looking for clues about another meeting in December—that of the Organization of the Petroleum Exporting Countries, the 12-nation oil cartel.

    The oil services firm Baker Hughes Inc. will publish the latest rig count later today. Last week, count dropped by 16 to 578, the ninth consecutive week of declines.
    For more information, read our latest forex news.

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