ANZ with their take on the slide in the price of oil:
- “A sharply cooling U.S jobs market and the fastest contraction in factory activity in nine months raised concerns of weaker demand” for crude oil
The Wall Street Journal pass on the info from ANZ Research analysts.
And add that:
- Media reports that OPEC+ agreed over the weekend that the group will increase oil production by 547,000 barrels a day in September may also be weighing on oil prices.
Trump says the cooling US jobs market is fake news and fired the ‘crat in charge of the jobs market stats.
He’ll be appointing a new head soon:
- Will be announcing his political appointee to the Bureau of Labor Statistics in the 3 or 4 days
This should make the jobs numbers look better I guess. I wonder if market will believe the new numbers though?
Anyway, taking a look at oil. A gap lower but no follow through as I update. Given the OPEC news was well expected I suspect that gap will fill soon enough.
This article was written by Eamonn Sheridan at investinglive.com.
