€d_artsel schreef op 3 oktober 2012 16:38:
NEW YORK--The oil market Wednesday overlooked a better-than-expected U.S. jobs report and continued to bid crude futures lower on concerns about weakening energy demand.
The front-month November contract on the New York Mercantile Exchange was trading at $90.38 a barrel, down $1.51 or 1.6%. The front-month Brent futures contract was off $1.92, or 1.7%, to $109.65.
Oil prices have been in retreat in recent weeks, giving up 8.7% of their value since Sept. 14.Wednesday's drop came despite a solid report from payroll processor Automatic Data Processing Inc. (ADP) and consultancy Macroeconomic Advisers, which said private-sector jobs in the U.S. increased 162,000 last month.
The September number was slightly above the 153,000 expected by economists. The August estimate was revised down to 189,000 from 201,000 reported last month.
The ADP report has had big misses in recent months and is unlikely to spur forecasters to change their outlook for Friday's closely watched nonfarm payroll data. The ADP report helped spur a rally Wednesday in U.S. equities, but not in oil.
Analysts said the oil market is continuing to view the situation in China and Europe with concern.
Questions about energy demand in China and Europe have caused a "real overhang" on the oil market, said John Kilduff, a trader at Again Capital.
China's official nonmanufacturing Purchasing Managers' Index fell to 53.7 in September from 56.3 in August, according to a statement Wednesday from the China Federation of Logistics and Purchasing, which issues the data with the National Bureau of Statistics.
"China has been the engine of the global economy," said Matt Smith, an energy analyst at Schneider Electric. "Some weakness from that side of things is worrying the market."
Mr. Kilduff said the market is also skittish following reports that Spanish Prime Minister Mariano Rajoy won't seek a European bailout imminently.
The Energy Information Administration will issue weekly U.S. oil inventory data later Wednesday.
Crude stockpiles are forecast to have risen 1.5 million barrels from last week, according to the median of analysts surveyed by Dow Jones Newswires. Total U.S. crude oil storage stands at 365.2 million barrels, some 7.1% above a year ago and 12.1% above the 2006-2010 period, according to the Schork Report.
Oil prices could be subject to more downward pressure if stocks come in higher than expected.