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Oil Rises From Near Six-Week Low Before Jobs Report; Brent Premium Widens

Bloomberg -- Oil headed for a weekly decline before a report that may show U.S. employers hired fewer workers last month than in December. Brent crude’s premium to the New York price is set for the largest weekly gain in a month.

Futures traded near a six-week low after dropping a fifth day yesterday, the longest losing streak since August. The U.S. added 140,000 jobs in January after gaining 200,000 in December, according to a Bloomberg News survey of economists before a Labor Department report today. London-traded Brent’s premium to West Texas Intermediate crude, the U.S. benchmark, widened 30 percent this week to the most since Nov. 12.

“Payroll numbers will dominate macro-driven trading today,” said Andrey Kryuchenkov, an analyst at VTB Capital in London, who predicts prices may decline fur

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Submitted Feb 03, 2012 By: WxVette

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WalRus49 Champion Author Boston Posts:2,220 Points:502,590 Joined:Nov 2010	Message Posted: Feb 3, 2012 9:15:31 PM Ignore WalRus49 Report Abuse Still more organized mayhem and pillage...........
The_DR Champion Author New Jersey Posts:1,049 Points:229,620 Joined:Aug 2011	Message Posted: Feb 3, 2012 1:44:09 PM Ignore The_DR Report Abuse Put America to work! Then raise gas prices even more.
doctorindyj Champion Author Santa Fe Posts:2,249 Points:506,630 Joined:Nov 2009	Message Posted: Feb 3, 2012 8:10:12 AM Ignore doctorindyj Report Abuse What do they do, wait for the right time and just recycle old stories? Or does it all just sound the same. SSDD.
crestliner95 Veteran Author Illinois Posts:293 Points:111,905 Joined:May 2011	Message Posted: Feb 3, 2012 6:40:17 AM Ignore crestliner95 Report Abuse This has gotten old.
scu227 Champion Author New Haven Posts:2,193 Points:416,675 Joined:Feb 2011	Message Posted: Feb 3, 2012 6:09:24 AM Ignore scu227 Report Abuse I don't understand why the price increases based on something that has not happened yet and if it does not we don't get a refund. The lower demand will more than offset any loss of supply from Iran.
gasrat6083 Champion Author New York Posts:1,673 Points:834,960 Joined:Sep 2005	Message Posted: Feb 3, 2012 5:51:15 AM Ignore gasrat6083 Report Abuse So gas will go up even faster?
DerHahn Champion Author Illinois Posts:11,730 Points:1,755,580 Joined:May 2004	Message Posted: Feb 3, 2012 5:36:19 AM Ignore DerHahn Report Abuse didn't it just go down due to very high supplies? regulate the speculators and get them out of the oil market.
MLB2701 Sophomore Author Medford Posts:132 Points:396,690 Joined:Feb 2011	Message Posted: Feb 3, 2012 5:29:00 AM Ignore MLB2701 Report Abuse IT'S STILL WAY TOO HIGH!!!!!