Source: ForexYard
Crude Oil prices dropped further today as there has been some speculation over strategic supply releases.The Price of Crude on NYMEX fell 0.5% to $102.48 per barrel, cancelling out the modest gains made during the Asian trading session.
Crude Oil ended the quarter with a 4.2 percent gain as the commodity rose 0.2 percent on Friday’s trading.The Price of crude dropped to $102.13 on March 29th which was its lowest rate since Mid- February.Overall, Crude prices dropped 3.8 percent for March. A bearish tone was lingering in the Crude Oil market during last week due to the speculation regarding the release of emergency oil supplies from a number of developed nations.
We should see Crude prices move this week as there are a number of significant and highly anticipated reports to be published. The ADP estimate of US non-farm payrolls will be released on Wednesday followed by the Non -farm payrolls report coming out on Friday.
Apart from these two reports,this first week of April hold several economic events and decisions which could stir up the financial markets. Among the reports be to released are the U.S Manufacturing PMI,GB Rate Decision,FOMC Minutes,GB manufacturing production,RBA cash rate decision, the EU unemployment rate and the G7 Meeting.
The most anticipated news event of the Month will be the Non-Farm Payrolls. The fiigures will be released on Friday 6th April at 13:30pm. In the recent March report regarding February 2012, the labour market continued to improve as Non-farm employment rose by 227,000 whilst the U.S unemployment rate remained unmoved at 8.3 percent. This report could affect the U.S dollar and from that, could go on to affect commodity prices such as Gold, Silver and Crude Oil.
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