Friday, September 3, 2010
Crude Oil Heads for Weekly Decline on Forecast for U.S. Jobless Increase
“Trading is volatile,” said Peter McGuire, managing director at CWA Global Markets Pty in Sydney. “People are still sitting on the sidelines waiting for the unemployment numbers.” The October contract fell as much as 48 cents, or 0.6 percent, to $74.54 a barrel in electronic trading on the New York Mercantile Exchange, and was at $74.69 at 2:53 p.m. Singapore time. Yesterday, it gained $1.11 to $75.02. Futures are 0.6 percent lower this week and down 5.9 percent this year.
“The market will turn to payroll numbers tonight with expectations of a headline fall of 105,000 and a rise in the unemployment rate to 9.6 percent,” Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne, said in an emailed note today.....Read the entire article.
Dennis Gartman’s 22 Rules of Trading