WTI Oil Prices Rise as Iran Strikes Back | US ADP Job Report in Focus
Published January 8, 2020
WTI Oil Prices surged overnight and hit a fresh eight months high of $65.55 as Iran launched a missile attack on multiple US military facilities in Iraq. Markets soon repaired those losses as the response could lead to a cooling of tensions. Markets will be closely eyeing the crude inventory data which will be released by energy information administration (EIA), later in the session.
The US Private Payroll Processing Company will release its national employment report for December this morning. The job report is expected to show the addition of 165,000 new workers in December after last month’s reading of 67,000. At the time of writing, the dollar index is trading higher at 97.12 levels.
German Factory Orders data unexpectedly dropped in November, suggesting that the manufacturing sector in Europe’s largest economy has not yet bottomed out as the recession still looms. The latest data published by the Federal Statistics Office showed on Wednesday that the Factory Orders arrived at -1.3 percent against the market expectation of 0.2 percent.