Crude oil recovered form Yesterday losses

Crude oil recovered form Yesterday losses

April 8th, 2014

Crude oil dropped during yesterday trading session due to lower-than-foretasted US Non farm Payrolls data report on last Friday. In fact the jobs report showed 192,000 new payrolls added to the economy but it remains slightly below forecasts. Despite it is a positive number, its impact on the Fed next action remained neutral.

Furthermore, the crude oil and Brent crude prices declined after the Libyan government and the rebels reached an agreement to re-open four ports which were closed for the last eight months.

Today crude oil has recovered from its previous losses amid expectations of the decrease of oil suppliers in U.S, renewed tensions between Russia and Ukraine, and due to the drop of both European and US stock markets.

Investors attention is turning to the weekly supply report form the American Petroleum Institute, release is due tomorrow.

MBCFX Forex & CFDs Brokerage Firm