Monday, 5 October 2015

Oil Extends Gains in Asia

Oil extended gains in Asia on Monday as a decline in US drilling pointed to a slowdown in production, but concerns over demand remain after a disappointing US jobs report. 
A report from Baker Hughes Inc. said the number of active rigs in the United States fell by 26 to 614 last week, the lowest in five years, helping ease concerns over the global crude oversupply that has depressed prices.
 But poor unemployment data from the US continued to weigh on the market. The US Labor Department said on Friday that jobs growth in the world's biggest economy and top oil consumer faltered in September and the labour market weakened across the board. This has stoked concerns about demand for the commodity at a time when the Chinese economy is also slowing down amid a crude supply glut, analysts said.

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