All Hands on Deck as Oil Traders Brace for Jobs Number (USO)
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United States Oil Fund LP ETF (NYSE: USO) is trading lower pre-market on Friday. The price of WTI futures have come off highs near $89 per barrel due to profit taking following a huge run up in prices in the past 7 days. Traders are now bracing for non-farm payroll data in the U.S., which should set the stage for today's action. Investors are expecting the payroll number to show an increase of 100k jobs. The oil market's reaction to the number will largely depend on investors interpretations of future demand for oil in the U.S.
Another factors moving oil recently is inventory data in the U.S., which yesterday showed a larger than expected drop. Headlines out of Iran are also moving markets, as the oil embargo takes hold and saber-rattling in the Middle East heats up. But this morning those issues are taking a backseat to growth in the U.S.
WTI crude currently traded at $85.81. Brent traded a $99.50. USO is expected to gap on the open, as crude traders react quickly to the most closely followed economic data point in the U.S.
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Another factors moving oil recently is inventory data in the U.S., which yesterday showed a larger than expected drop. Headlines out of Iran are also moving markets, as the oil embargo takes hold and saber-rattling in the Middle East heats up. But this morning those issues are taking a backseat to growth in the U.S.
WTI crude currently traded at $85.81. Brent traded a $99.50. USO is expected to gap on the open, as crude traders react quickly to the most closely followed economic data point in the U.S.
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