Strong NFP Boosts Crude Oil Prices

Posted Monday, July 8, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices climbed higher on Monday, buoyed by a strong US employment report released on Friday. At the time of writing, WTI crude oil is trading at $57.66 per barrel.

Better than expected US non-farm payrolls data has caused markets to trade slightly optimistic at the start of this trading week. In June, job growth in the US witnessed a strong rebound from the disappointing figures which released in the previous month. In addition, government payrolls also witnessed a rise in the month of June.

However, crude oil continues to remain under pressure over the ongoing uncertainty in the markets over the US-China trade war. Even as talks are set to resume, there remains no clarity on how soon both sides will be able to work through their differences and finalize a trade deal.

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