Oil Plunges as Payrolls Disappoint

The US job market remained sluggish in August. Against consensus of a +90K increase, non-farm payrolls were unchanged from a month ago while July's addition was revised lower to 85K. The unemployment rate stayed at 9.1% during the month. Risk appetite dropped after the data with Wall Street slipping for the second day. In the commodity sector, the front-month contract for WTI crude oil price plunged to a 4-day low of 85.42 while the equivalent Brent crude contract fell to 111.36, the lowest level in 3 days. On the contrary, gold jumped to a 1-week high of 1884.6 as the US dollar dropped and demand for safe-haven assets increased on deteriorating US outlook.

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Oil Plunges as Payrolls Disappoint