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Crude Oil Is Affected By American Job Losses

February 26th, 2010

 

There was a shock increase in the amount of jobs lost in December 2009 in the United States. This has led to fears that the American economy will not be recovering as quickly as was expected and that the demand for oil will not be as high as thought. The loss of 85000 jobs in December caused crude oil to fall by about one percent. But crude oil reserves rose and with plummeting temperatures set to continue, futures rose to the highest level for the last fourteen months.

 

The expected recovery of the United States economy is now not looking as positive as before with the release of these figures. Many now fear that payroll figures may take a long time to recover. The fall in consumer confidence has led to an increase in the amount of crude oil supplies. There were 1.33 million extra barrels of crude oil in the inventories last week and the amount of gasoline barrels was up by 3.74 million barrels.

 

Crude oil may fall next week as there is increased speculation that the amount of crude oil in reserve will again rise next week. Many believe that if the supplies increase, then the price will fall. The cost of oil should fall if there is more supply than demand just as if the demand becomes greater than the supply, then the price usually rises quite sharply. But this could all change so it is vital that we just ride it out. One thing is for sure, the hopes for a quick economic recovery seem to have been frozen in their tracks with the news of those job losses in December.

 

There must be hope however, that things will start to improve with the American economy and that the rest of the world can follow suit. Before we see any improvement we will have to look out for signs of an increase in demand for oil.

 

Some people spend a lot of money heating their homes in the winter. Fuel such as electricity and gas show no signs of coming down in price. Savvy people are changing over to oil as a home fuel though. And when this happens they have to ensure the tanks re always full of cheapest heating oil to make sure they don’t run dry in the cold weather.

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