Crude oil up – jobless claims fall

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WTI crude oil futures reached their highest level since August 3 last night (September 2). The number of applications for unemployment benefits fell to the lowest level in 17 months.

Brent crude futures rose 2%, or $1.44, to close at $73.03 per barrel.

WTI crude futures rose 2%, or $1.40, to close at $69.00 a barrel. They reached the highest level in a month.

Investors expressed confidence about the economic recovery and fuel demand after the release of the jobless claims number. Jobless claims fell for the first time last week to 340,000, or stand at 354,000 since COVID-19 broke out in March 2020.

Crude oil prices were also positive as U.S. crude inventories fell by 7.2 million barrels last week. The decline was above analysts’ estimates of 4.4 million barrels.

Meanwhile, OPEC and OPEC+ agreed to raise their oil demand forecast for 2022 from 3.28 million barrels per day to 4.2 million barrels per day.

The Spot Market is open

Friday.3 Sep-2021

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
08.25
1,811.30
1,812.30
+1.70
0.09%
1,808.80
1,813.70
Silver
08.25
23.90
24.00
0.00
0.02%
23.86
24.03
Platinum
08.25
996.00
1,006.00
+2.00
0.20%
992.00
1,007.00
Palladium
08.00
2,344.00
2,494.00
0.00
0.00%
2,344.00
2,501.00
Rhodium
05.00
15,600.00
17,600.00
0.00
0.00%
15,600.00
17,600.00
Energy
Updated at

Price

Change

%Change
Crude Oil
08.25

69.91

-0.08

-0.11%

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