A large draw in total U.S. crude oil stocks reported by the API late yesterday has resulted in a light round of short covering in a market that remains oversold. As of this morning the crude oil market is still in positive territory but well off of the overnight highs hit after the API data release as the industry awaits the more widely followed EIA oil inventory snapshot.
On Tuesday, crude oil reversed and declined sharply as weak Chinese data weighed on investors’ sentiment. As a result, the commodity approached support levels, but will they encourage oil bulls to act in the coming days?
Total nonfarm payroll employment increased by 173,000 in August, and the unemployment rate edged down to 5.1%, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care and social assistance and in financial activities.
China`s manufacturing data was in line with expectations yet under the key pivot level of 50 with a 49.7 print. Generally speaking, a reading of under 50 would indicate a contracting manufacturing sector rather than expanding