At 8:45 a.m. ET futures are moderately higher and the price of oil per barrel is up. The market is poised to open higher.
The government report on January job creation shows a gain of 257,000 jobs, however the unemployment rate is slightly up now to 5.7%. So far this news is being accepted favorably. Notice that oil is now trending more towards the $50 to $55 per barrel range, but this could just be this week, we shall see. Regardless the weekend is at hand and now we can let it all go for a few days.
CNN: Stocks: 5 things to know before the open
In commodities, crude futures are rising by about 3% to trade around $52 per barrel. This marks a big comeback since oil was trading below $44 in late January. Last year, oil averaged about $93 per barrel.
2 comments:
Gas going back up on a scare that Unions strike will shut down the refineries. Its all BS. Nevertheless, its interesting to watch the price go up 30 cents in 3 days when it took 3 mos. to go down those same 30 cents. I think it will go back up another 50 cents before reality sets in again and the massive oil over supply issue reasserts itself.
That scenario is very possible. I suspect the price will yo-yo quite a bit in this next period.
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