Trending: Oil | Gold | BITCOIN | EUR/USD | GBP/USD

Oil prices rise over 1% as dollar dips

Economies.com
2022-08-08 06:31AM UTC

Oil futures rose over 1% in Asian trade with US crude off February 3 lows while Brent climbed off February 22 lows, as the dollar index backed off July 28 highs. 

 

The gains came following a batch of Chinese data and amid a lack thereof from the US.

 

As of 06:03 GMT, US crude futures due in August rose 1.27% to $89.58 a barrel, while Brent futures due in September rose 1.47% to $95.66 a barrel, as the dollar index shed 0.06% to 106.54.

 

From China. the trade surplus rose to $101.3 billion from $97.9 billion in June, as exports grew more than imports.

 

China's oil imports rose as well in July from four-year lows as travel activities improved with restriction removed. 

 

Latest World Health Organization data showed Covid 19 infections at 579.09 million worldwide, with the death toll at 6.407 million.

 

Baker Hughes data showed US oil rigs fell 7 rigs last week to 598 rig off March 2020 highs, the first decline in ten weeks, while US production steadied at 12.1 million bpd, the highest since April 2020.

 

US output is down 1 million bpd, or 8% from record highs at 13.1 million bpd scaled in March 2020. 

US economy adds more jobs than expected in July

Economies.com
2022-08-05 12:38PM UTC

US economy added 528 thousand new jobs in July, a stunning result, beating estimates of 250 thousand handily, while the previous reading was revised to show an addition of 398 thousand instead of 372 thousand. 

US unemployment falls to two-year low

Economies.com
2022-08-05 12:34PM UTC

US unemployment fell to 3.5% in July from 3.6% in June, the lowest since February 2020, and beating estimates of 3.6%.

Canada's economy loses jobs for second straight month

Economies.com
2022-08-05 12:40PM UTC

Canada's employment change showed a loss of 30.6 thousand jobs in July for another month, after another 43.2 thousand loss in the previous reading, while analysts expected a 14.2 thousand addition.

Frequently asked questions

What is the price of Oil today?

The price of Oil is $66.644 (2025-07-15 19:55PM UTC)