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Wait-and-see mode ahead of US jobs reports and oil rig count

By A/S Global Risk Management.



Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management


Updated on 06 Apr 2018 09:54 GMT

Wait-and-see mode ahead of U.S. jobs reports and oil rig count - continued uncertainty on the potential trade war.

Uncertainty on a potential trade war between U.S. and China increased yesterday as U.S. allegedly considers imposing additional $100 billion tariffs on imports from China. The news caused stock futures to drop; spilling over to the oil markets and weighing on oil prices.

The oil minister of Qatar yesterday stated that he supports the close cooperation between OPEC and non-OPEC oil producer Russia on a permanent basis, i.e. beyond the current oil production cut deal which expires by end of this year. The deal will also be discussed in June when the parties meet in Vienna. According to the oil minister, the oil market is heading for balance.

News of Saudi Arabia raising its official selling price (OSP) for May by $0.10 for its Arab Light crude to Asian buyers was considered by markets as a hint of the huge oil producer's trust in the oil prices remaining strong. Read more details here.

All eyes are now on this afternoon's U.S. jobs reports along with tonight's weekly oil rig count from Baker Hughes. Last week saw a drop in the number of active oil rigs of 6.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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