Energy prices climb as job losses slow
Oil prices edged slightly higher Friday after the government reported the fewest monthly job losses in a year.
Benchmark crude for October delivery rose 6 cents to settle at $68.02 a barrel in on the New York Mercantile Exchange. The contract Thursday slipped 9 cents to settle at $67.96.
The Labor Department said Friday that the unemployment rate rose to 9.7 percent in August, the government said. With 216,000 jobs lost, unemployment has reached levels last seen in 1983. Yet that was less than July’s revised 276,000 jobs.
Millions of Americans have lost jobs and fewer people are traveling because of unease about the economy.
“Not as many people working means they are not consuming energy,” PFGBest analyst Phil Flynn said.
Oil prices initially slumped when the employment figures came out, but the dollar began to weaken later in the day, helping to push oil prices higher. Because crude is priced in the U.S. currency, it essentially becomes cheaper when the dollar falls.
Oil prices are off about $5 this week as the summer driving season concludes with the Labor Day weekend. Demand for gasoline typically weakens during the fall. At the same time, supplies remain ample.
Trading will be closed in the U.S. on Monday for the holiday.
Prices at the pump, like crude prices, have narrowed to a close range for the past month after being so volatile a year ago. Prices fell 0.5 cents overnight to $2.591 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. That price is just 0.6 cents higher than a month ago. Prices, however, remain $1.087 a gallon below year-ago levels.
In other Nymex trading, gasoline for October delivery fell 1.65 cents to settle at $1.7763 a gallon, and heating oil fell 1.45 cents to settle at $1.7205 a gallon. Natural gas, after tumbling to new seven-year low earlier in the day, rose 22 cents to settle at $2.728 per 1,000 cubic feet.
In London, Brent crude fell 30 cents to settle at $66.82.
Associated Press writers Pablo Gorondi in Budapest, Hungary, and Alex Kennedy in Singapore contributed to this report.
| - Stocks post modest gains as rising energy companies offset slide in financials; Dow adds 47
- Gold, other metals fall as dollar gains ground against other currencies; Oil jumps to new high
- A day after Dow breaches 10,000, stock wander as earnings from Goldman, Citigroup disappoint
- Energy prices rebound strongly on big draw in gasoline; crude hits new high for year
- Stock slip after Goldman Sachs, Citigroup earnings disappoint a day after Dow tops 10,000
- Inflation edges up slight 0.2 percent in September with energy costs up but food prices down
- Oil above $75 at fresh 1-year high in midday European trade as stocks, dollar gain
- Oil jumps to above $75 in Asia, fresh 1-year high, as stocks, US dollar fuel gains
|
Related News
Oil prices hovers above $71 in Asia as US dollar reboundsOctober 9th, 2009 Oil prices hovers above $71 as US dollar gainsSINGAPORE — Oil prices hovered above $71 a barrel Friday in Asia as the U.S. dollar rebounded.
US stocks continue rise amidst worldwide rallyOctober 6th, 2009 NEW YORK - US stocks continued to rally Tuesday, buoyed by anticipation that third-quarter earnings starting later this week will exceed estimates even as the dollar continued to fall. The rise in equities extended a worldwide recovery Tuesday, including more than 2 percent rallies on the FTSE 100, the CAC 40 Index and the DAX.
Gold prices close above $1,000 for 3rd straight day; energy, grains also move higherSeptember 15th, 2009 Gold, other commodities rise amid weaker dollarNEW YORK — Gold prices bounded higher Tuesday, supported by a weaker dollar and a report showing a bigger-than-expected jump in inflation. Energy and agriculture futures also rose.
Gold cools off after hitting 6-month high; prices still hover near $1,000September 4th, 2009 Gold prices dip after hitting 6-month highNEW YORK — Gold prices cooled off Friday, losing $1 after surging to a six-month high the day before. Gold for December delivery finished the week at $996.70 an ounce on the New York Mercantile Exchange, up 4 percent over five days.
Gold prices fall as dollar shows some strength, other metals, oil riseAugust 24th, 2009 Gold falls on dollar strength, other metals riseNEW YORK — A stronger dollar hurt gold prices Monday, but other metals finished slightly higher on hopes that demand for materials will pick up as the economy improves. Gold for December delivery dropped $11 to $943.70 an ounce on the New York Mercantile Exchange as the dollar rose against the euro and the British pound.
Oil climbs to new 2009 high as dollar falls and optimism about a rebound growsAugust 21st, 2009 Oil prices hit 10-month high as optimism growsNEW YORK — Oil prices jumped Friday to a new high for the year after Federal Reserve Chairman Ben Bernanke said that the U.S. economy is nearing a recovery and other economic data backed him up.
Prices for precious, industrial metals narrowly mixed as weaker dollar lends some supportAugust 18th, 2009 Prices for metals mixed amid weaker dollarNEW YORK — A weaker dollar is lending some support to metals prices. Gold closed slightly higher Tuesday, while other metals were narrowly mixed as the dollar lost ground against other major currencies.
Commodities climb as dollar falls, report shows economy's slide is slowingJuly 31st, 2009 Commodities add to recent gains as dollar sinksNEW YORK — Commodity prices climbed Friday for a second day in a row as the dollar sank. The U.S. Dollar Index, which measures the dollar against a basket of other major currencies, closed at its lowest level since September on Friday.
Bangaloreans resent fuel price hikeJuly 2nd, 2009 BANGALORE - The residents of Bangalore have expressed widespread resentment over the fuel price hike announced Wednesday which, they feel, would result in increase in prices of other essential products and services. After the hike of petrol prices by Rs.4 per litre and diesel prices by Rs.2 per litre, Bangaloreans now have to shell out Rs.50.66 per litre for petrol and Rs.37.01 per litre for diesel.
Petrol prices hiked by Rs. 4 a litre; diesel up Rs. 2July 1st, 2009 NEW DELHI - The Centre on Wednesday announced a rise in the price of petrol and diesel by Rs. 4 and Rs.2 per litre, respectively.
Most commodities finish higher as investors look past data suggesting inflation is in checkJune 17th, 2009 Commodities reverse early losses, move higherNEW YORK — Prices for commodities like oil and gold are reversing early losses and moving higher as the dollar comes under more pressure. Most commodities fell in the early going as the Labor Department said consumer prices rose less than expected in May, a signal that the recession is holding down prices and that demand for goods is still sluggish.
Gold, other commodities recoup some of previous day's losses as dollar resumes 3-month declineJune 9th, 2009 Gold, other commodities rebound as dollar declinesNEW YORK — Gold and other commodities recouped some of their losses on Tuesday as the dollar slipped against other currencies. The dollar resumed its three-month decline against the euro and British pound, despite weak economic data out of Europe, helping to lift prices for gold and other commodities.
Gold prices rise modestly as dollar slips against euro, British poundJune 2nd, 2009 More weakness in dollar supports gold pricesNEW YORK — Gold prices rose modestly Tuesday supported by more weakness in the dollar. Gold for August delivery inched up $4.40 to settle at $984.40 an ounce on the New York Mercantile Exchange.
Gold prices inch higher as dollar shows more weakness, stocks retreatMay 8th, 2009 Gold prices inch higher as dollar weakensNEW YORK — Gold prices are slightly higher as the dollar shows more weakness and stocks tumble on Wall Street. Energy and agriculture futures are also slightly higher.
Gold, other commodities move higher, buoyed by falling dollar, rising stocksMay 8th, 2009 Gold moves higher as dollar falls, stocks rallyNEW YORK — Gold prices and other commodities are higher, buoyed by a falling dollar and an increasingly upbeat outlook on the economy. Positive news about banks' balance sheets has driven investors into stocks and other more risky assets and away from the dollar, which is considered a safe haven.
Loading ...
September 7th, 2009 at 1:18 am
Its reasonable to assume that oil prices will be one of the last to recover as it is determined by a much larger array of factors and is a much more global thing.