Affected by demand concerns, international oil prices fell on the 5th and New York oil prices fell by 2%.
The same day, the non-farm employment report released by the US Department of Labor in September showed that the U.S. unemployment rate fell to 7.8%, the lowest level since January 2009. The market originally expected the unemployment rate to rise slightly. The number of new jobs for the month was 114,000, up from 96,000 in August.
For this better than expected employment data report, many market participants expressed skepticism. These people even think that the Ministry of Labor suspects fabrication of employment data. In the face of doubt, Labor Minister Solis responded on the same day that this suspicion was "extremely absurd."
Although the employment data is positive, investors and traders are still cautious about the demand outlook for the crude oil market. In addition to continuing to worry about the global economic slowdown, market investors continue to worry about the prospects for the resolution of the European debt crisis and the possible “fiscal cliff†in the United States.
In addition, the United States and other Western countries still did not give up the idea of ​​releasing oil strategic reserves, but also make the market under pressure.
However, the conflict between Turkey and Syria may escalate to continue to provide support for oil prices and limit the drop in oil prices. In addition, Iran and Western countries still have disputes over the Iranian nuclear issue and also limit the drop in oil prices.
At the close of the day, light crude oil futures for delivery in November on the New York Mercantile Exchange fell 1.83 US dollars to settle at US$89.88 per barrel, a decrease of 2.00%. For the whole week, New York's oil price dropped by 2.31 US dollars, a decrease of 2.51%.
London Brent crude oil futures prices for November delivery fell by a small margin of 56 cents to settle at 112.02 dollars per barrel, a decrease of 0.50%, and a slight drop of 37 cents per week.
The same day, the non-farm employment report released by the US Department of Labor in September showed that the U.S. unemployment rate fell to 7.8%, the lowest level since January 2009. The market originally expected the unemployment rate to rise slightly. The number of new jobs for the month was 114,000, up from 96,000 in August.
For this better than expected employment data report, many market participants expressed skepticism. These people even think that the Ministry of Labor suspects fabrication of employment data. In the face of doubt, Labor Minister Solis responded on the same day that this suspicion was "extremely absurd."
Although the employment data is positive, investors and traders are still cautious about the demand outlook for the crude oil market. In addition to continuing to worry about the global economic slowdown, market investors continue to worry about the prospects for the resolution of the European debt crisis and the possible “fiscal cliff†in the United States.
In addition, the United States and other Western countries still did not give up the idea of ​​releasing oil strategic reserves, but also make the market under pressure.
However, the conflict between Turkey and Syria may escalate to continue to provide support for oil prices and limit the drop in oil prices. In addition, Iran and Western countries still have disputes over the Iranian nuclear issue and also limit the drop in oil prices.
At the close of the day, light crude oil futures for delivery in November on the New York Mercantile Exchange fell 1.83 US dollars to settle at US$89.88 per barrel, a decrease of 2.00%. For the whole week, New York's oil price dropped by 2.31 US dollars, a decrease of 2.51%.
London Brent crude oil futures prices for November delivery fell by a small margin of 56 cents to settle at 112.02 dollars per barrel, a decrease of 0.50%, and a slight drop of 37 cents per week.
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