WS:Investing in Oil and Gas: The Effect of Weak Growth and a Weak Dollar
The Oil (NYSE:USO) market was pressured by weak economic data, yet supported by the US dollar weakening on Friday. May payrolls increased by 54,000 while private jobs rose by 83,000 andt he unemployment rate expanded from 9 to 9.1%. This data underscored a sluggish recovery in the US labor market. WTI for the front month was down 18 cents to $100.22 per barrel. The trading range for the day was from $98.12 to $100.87. Brent crude was at $115.84 per barrel for the front month delivery, up $0.3. The US dollar declined 0.9% against the Swiss franc and 0.7% against the yen.
Natural Gas (NYSE:UNG) was $0.087 lower at $4.707 per MMBtu. Exxon Mobil (NYSE:XOM) announced current maintenance work at its refinery in Baytown, Texas.
