WTI futures bounced back from its six-month low on Friday as traders focus on the release of the US jobs data, which is expected to be released later in the day.
The West Texas Intermediate for February deliveries rose 1.00% higher to $92.58 a barrel on New York’s Nymex at the time of writing, while the European benchmark Brent crude gained 0.63% to $107.07 a barrel the London-based ICE Futures Europe exchange. The crude dropped to a six-month low of $91.24 on Thursday.
The US non-farm payrolls reports is expected to be released later in the day, analysts and investors are speculating over the report as the reports is forecasted to show positive reading for crude. The report could also persuade Fed officials to reduce the bank’s stimulus program further, which could have a hurt the commodity market.
US crude inventories dropped 2.675 million barrels last week, compared to analysts forecast of a 1.9 million drop, reports from the US Energy Information Administration (EIA) confirmed.
Distillate inventories, including diesel and heating oil added 5.83 million barrels, rising above analyst forecast of an additional 1.9 million barrels.
A separate report released revealed that crude oil stockpiles in the US dropped by 7.3 million barrels in the week ending January 3, according to reports from the American Petroleum Institute (API).
The report from EIA also confirmed crude production in the US climbed 24,000 barrels per day to 8.15 million barrel per day in the past week.
Chinese trade data indicated the economy was moving at a slow pace. China’s crude imports climbed 13% higher from the previous year to 6.31 million barrels per day. However crude imports on an annual-basis gained 4% in 2013, dropping from the previous reading of a 7% rise in 2012.
The country’s trade data revealed exports slightly increased to 4.3%, way below analysts’ forecast of an 8.3% rise.
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