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New York’s West Texas Crude Oil Market (WTI) closed positive tonight (Dec 4) as investors welcomed the forecast. The United States will launch a new round of stimulus shortly after the smaller-than-expected increase in US non-farm employment data is released.
WTI crude contract for delivery in January. It was up 62 cents, or 1.4 percent, to $ 46.26 a barrel.
Brent crude (BRENT) contract for delivery in February was 54 cents, or 1.1 percent, at $ 49.25 a barrel.
This week WTI crude rose 1.6% and Brent crude rose 2.1%, both of which have recovered for the fifth consecutive week.
The oil market was buoyed by hopes that the United States will accelerate the release of economic stimulus measures that will boost oil demand. After the US Department of Labor reported that. The number of nonfarm payrolls increased by just 245,000 in November. Next, analysts had forecast 440,000 and less than 610,000 in October. Affected by the COVID-19 epidemic
The unemployment rate fell to 6.7 percent in November, in line with analysts’ expectations. After reaching 6.9% in October.
Joe Biden said the new president of the United States. Slower employment data indicates Economic recovery is stagnant. And he warned that the United States will face a more dire situation this winter. If Congress does not rush to pass legislation to address the economic effects of COVID-19.
The Speaker of the US House of Representatives, Nancy Pelosi, said: The stagnation of employment figures is a reminder that Congress must accelerate the consideration of economic stimulus measures to mitigate the effects of the COVID-19 epidemic. .
The market was also driven by the Petroleum Exporting Countries (OPEC) and their allies. O OPEC Plus It continued the policy of reducing oil production even after reducing the quantity.
Thursday’s OPEC Plus meeting approved a resolution to cut production by 7.2 million barrels / day. Of 7.7 million barrels per day. This will cause only 500,000 barrels of crude oil per day to flow to the world market, and the resolution will take effect from January next year.
