Crude oil prices edged lower on Friday but were still set for their first weekly gain in three weeks after Russia and Saudi Arabia agreed to work together to help rebalance the markets and after a surprisingly large drawdown in U.S. crude stocks.
Crude oil prices rose 3% today as a report showing weaker U.S. jobs growth in August suppressed the dollar, pushing up commodities, but crude futures remained on track for a big weekly loss on glut concerns.
Even before hurricane Hermine, the first hurricane to hit Florida shores in 11 years, went on land, gulf oil workers were already brining oil and gas production back online. The work that oil companies and oil workers do each day is amazing and a testament to the talent and fortitude of the American worker and something we should all take pride in.
Crude oil traders are finding out that at least right now, the U.S. Dollar is stronger than Tropical Depression Number 9. Oil started out higher on Tuesday and really reversed course after the Consumer Confidence number blew away expectations, hitting 101.1 in August way above 97.0 expected, which caused a surge in the dollar and a reversal in oil.
Crude oil prices settled down more than 1% today, snapping two consecutive days of gains, on renewed concerns about an oil glut, a stronger dollar and expectations that Nigerian rebels will stop hampering that country's crude output.