Oil Seesaw Battle Continues | US Jobless Claims Climb
Published June 13, 2019
It is turning into quite a volatile week for the oil market as WTI oil prices tumbled 4 percent on Wednesday to their lowest settlements in nearly five months, weakened by another unexpected rise in US crude stockpiles. However, on Thursday WTI prices jumped as much as 4 percent, at $53.45 a barrel, after two tankers were damaged in a suspected attack in the Gulf of Oman.
US unemployment benefits unexpectedly rose to a five-week high, adding to signs of potential cooling in the labour market. Overall, unemployment claims rose to 222,000 in the week ended June 8, according to labour department figures released Thursday.
The Canadian dollar got a lift against its rivals amid surging crude oil prices and the soft stance from US-China towards the prolonged trade dispute that is slowing global economic growth. The Canadian dollar is trading a tad weaker than yesterday, at 1.3319 — up 0.25 percent on the day against the greenback.
OPEC has cut its forecast for global oil demand and reiterated that the escalating trade tensions were expected to continue to weigh on global oil demand, limiting crude oil’s gains for the time being.