Market Overview

Brent Nears $112 On Positive Economic Data

Brent Nears $112 On Positive Economic Data

Brent crude oil traded steadily at $111.74 at 5:15 GMT on Monday morning after better than expected jobs data from the US helped investor confidence in the number one oil consuming nation.

 CNBC reported that Friday's jobs report showed that the US economy was in fact on the upswing. Many traders expected positive US jobs data to tear down commodity prices as the figures would likely prompt the US Federal reserve to pull back on its stimulus spending; but prices were elevated as traders focused on the strength of the US economy rather than its consequences.

Related: #PreMarket Primer: Monday, December 9: Taper Talk Subdued Despite Strong Jobs Data

Moving forward, investors will be looking to data from the US for indications about the US central bank's intentions to pull back on its stimulus spending. Although US jobs data has proven that the nation is working towards recovery, many are still expecting the Federal Reserve to remain cautious at its December meeting and keep the nation's 85 billion per month bond buying plan in place. Traders will be closely watching the Fed's Bullard, Fisher and Lacker, all due to speak on Monday and Tuesday.

Brent also found some support from Chinese trade figures, released on Sunday. The report showed that China's exports beat forecasts and grew 12.7 percent from last year. Imports were also positive, up 5.3 percent. The world's second largest oil consumer also released data which showed that its crude imports grew to 5.73 million barrels per day in November, up 19.1 percent from the previous month. The data added to growing optimism that the nation's economic growth is stabilizing.

Posted-In: Federal Reserve BankNews Commodities Forex Global Pre-Market Outlook Markets Best of Benzinga


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