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A slight fall in the US drilling activity drives oil prices towards nine-week highs

Monday, lifted by last week’s strong United States jobs data and a slight fall in the United States drilling activity, oil prices climbed towards close to a nine-week high. Brent crude futures rose up by 0.15%, or 8 cents, and traded at $52.50 per barrel; the United States West Texas Intermediate traded at 49.65 a barrel after a 7 cents, or 0.14%, climb.

Oil prices nearly touched their highest point since late May of 2017, when OPEC concluded a deal to limit crude supply to 1.8 million barrels per day effectively until the end of March 2018.

Strong U.S. jobs report held the greenback stable

Lifted by the robust United States jobs report last week, the greenback managed to rise above its 15-month lows.  Macro-economic data scheduled to be published in the course of the week will determine whether the dollar can preserve its positive momentum.

The dollar index closed at 93.447.DXY after rising 0.75% on Friday. This rise should be compared to Wednesday’s 92.548 which is considered the greenback’s lowest point since May 2016.

Wall Street ends in the green zone

The positive jobs report released on Friday had a noticeable effect on the U.S. stock market. The Dow Jones climbed by 0.3 percent; the NASDAQ and the S&P 500 also closed higher by 0.2 percent.

Asian markets also rallied.  Japan’s Topix and the Nikkei 225 rose by 0.6 and 0.5 percent respectively. The Kospi in South Korea added 3.5 percent to its value. Australia’s ASX 200 closed 0.8 percent higher.

* The details mentioned above have been partially adopted from third party sources, including websites, and are displayed “AS-IS” Readers should take into account that all the data that appear in this review can change based on the dynamic of global markets. The information provided by the review ought not to be considered as advice or financial guidance nor can it relate to any investor’s personal requirements or investment goals. In addition, the data should not be conceived as any kind of recommendation to trade and / or carry out a transaction and / or deposit funds.