Title: Multiple reasons behind the oil price rise
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Multiple reasons behind the oil price rise
The reasons for the oil price rise:
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Oil prices in the coming weeks:
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Content: The reports of the attacks are yet to be confirmed, but, still, helped increase the oil prices . U.S. jobs report showed lower than expected unemployment figures. The report from the Bureau of Labor Statistics department showed unemployment rate unchanged from the January rate of 9.7%. Investors took this as a sign of economic revival with the U.S. President Obama describing the jobs report as "better than expected". As soon as the Labor department came up with the news, dollar fell increasing the oil prices. And how did that happen? Higher oil price increases the export bill leading to trade deficits and weak dollar
Dollar-denominated commodities become cheaper with a weak dollar, in turn increasing the price of oil. Moving on, there were optimistic signs on the manufacturing font in the U.S. The U.S. Commerce department announced that factory orders rose 1.7% in January mainly due to increased aircraft orders. There was 2.6% increase in durable goods orders. Confidence of the businesses showed as the Inventories continued to increase.