Author: SondraHunter

Brent oil prices open Tuesday’s trading session back near $122 a barrel and may well follow European stock markets lower today following the latest report that showed US employers added fewer jobs in March than had been forecast.

Latest Brent Oil Price

In London, Brent crude oil futures for May 2012 delivery was trading at $122.17 a barrel, 08.03 GMT today on the ICE Futures Exchange.

Futures on the Euro Stoxx 50 Index expiring in June lost 1.5 percent to 2,291 at 07/30 GMT, while FTSE 100 Index futures retreated 0.9 percent after European markets were closed yesterday for the Easter Monday holiday.

Meanwhile, pressures on the sovereign debt front continue in Europe as the market keeps an eye on rising bond yields in Spain and Italy.

“There have been a range of issues in Europe which will probably do little to appease sentiment.” said Chris Weston, institutional trader at IG Markets.

US Job Numbers

US stock markets dropped yesterday after a report showed that American employers added 120,000 jobs in March, the fewest in five months and less than the median economist forecast of 205,000 in a Bloomberg survey. The amount had exceeded 200,000 for three straight months.

The US jobs report presents a challenge that stocks have overcome nine times during the bull market that’s driven the S&P 500 up 107 percent in three years.

US and European stock markets were shut for the Good Friday holiday on April 6, when the Labor Department released its employment report.

Iran Nuclear Program Talks

Oil prices are also under pressure ahead of talks taking place this week between Iran and major global powers, including the US and China over the country’s nuclear program.

Negotiations between Iran and world powers over Tehran’s disputed nuclear program are due to take place on April 14 in Istanbul. The resumption of talks after more than a year tempered worries about an immediate cut in oil supply.

Back in January, Pentagon chief Leon Panetta said the United States was fully prepared for any confrontation with Iran over the Strait of Hormuz, but said he hoped a dispute would be resolved peacefully.

Tehran threatened last December to close the strait, where one fifth of the world’s traded oil passes through, in the event of a military strike or severe tightening of international sanctions over its disputed nuclear program.

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Brent oil price trading lower near $122, may follow European stock markets lower

Market sentiment was boosted by strong manufacturing data in March. Wall Street gained with the DJIA and the S&P 500 gaining +0.40% and +0.75% respectively. In the commodity sector, the front-month contract for WTI crude oil jumped to as high as 105.49 before settling at 105.23, up +2.15%, while the equivalent Brent crude contract surged to a 4-day high of 125.63 before ending the day at 125.43, up +2.08%.

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Sentiment Bolstered by Strong Manufacturing Data

Oil prices slumped Wednesday as US oil inventory rose much more than expected, durable goods orders improved less than expected and concerns over the Eurozone crisis remained. The front-month contract for WTI crude oil plunged to 104.67, the lowest level in 4 days, before settling at 105.41, down -1.79%, while the equivalent Brent crude contract dropped -1.10%. Gold erased most gains achieved over the past days and declined -1.60% during the day.

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Oil Slumped on Soar in Inventory, Disappointing US Data

Gold hovered at a 2-week high below 1700 in European morning. Comments from the Fed Chairman Ben Bernanke’s that easing monetary bias would continue revived hopes of QE3 and sent gold higher. Yet, whether upward momentum of the yellow metal would be maintained depends on the follow-through other actions by the Fed or other central banks. In our opinion, gold would remain in consolidative mode although more meaningful should be seen later in the year.

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Gold may be Driven Higher by China’s Deficits

Gold prices jumped to the highest level in 2 weeks after dovish comments by the Fed Chairman Ben Bernanke. The stance to maintaining loosening monetary policy sent the US dollar, helping the rise in the yellow metal. Market sentiment was also driven up by Germany’s Chancellor Angela Merkel’s indications that the biggest economy in the Eurozone would allow an increase in the firewall for the debt crisis. Wall Street gained with the DJIA and the S&P 500 indices adding +1.23% and +1.39% respectively.

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Sentiemnt Boosted by Comments from Merkel and Bernanke

Financial markets weakened yesterday amid disappointing manufacturing in China and the Eurozone. The PMI data in China suggested that manufacturing activities in the country have slowed for 5 months. In the Eurozone, the honeymoon period provided by the ECB’s LTRO has gone as economic indicators showed fatigue in the region’s recovery path. These upstaged the news that US jobless claims slipped to the lowest level since February 2008.

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Weak Manufacturing Data Overshadowed Low US Jobless Claims