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The cost of oil fluctuates as the dollar strengthened earlier to its highest level in two weeks against the euro, which was caused by the publication of data on the U.S., which showed that the unemployment rate fell in November to a four-year low.
Futures showed the growth, the fall after the Labor Department said that the unemployment rate dropped to the level of 7.7%, which is the lowest level since 2008. Note that many economists predicted that the unemployment rate will remain unchanged at a value of 7.9%. The report also showed that employment in the non-agricultural sector increased by 146,000 jobs last month, contrary to expectations of a sharp rebound. Against this background, the dollar rose as much as 0.7% against the euro, while still achieving the highest level since Nov. 23. Recall that a stronger dollar and weaker euro reduces investment in the oil as an alternative investment.
Note also that many market participants are waiting for a meeting of OPEC, to be held next week (December 12), and the purpose of which is to discuss oil production.
January futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 86.10 dollars a barrel on the New York Mercantile Exchange.
January futures price of North Sea petroleum mix of mark Brent fell $ 0.22 to 106.86 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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