FXstreet.com (Barcelona) - Despite being weighed under $75.00 a barrel for most of the day, the crude contract for October delivery was recently given a boost by optimistic trade and job figures coming from the US. Within the first hour of trading over NY, the front-month contract quotes at $75.55 a barrel after touching a high in $75.86 just prior. While somewhat buoyed over Europe as well, overall risk appetite improved after the Labor Department reported a 27,000 drop in initial jobless claims over the week, surpassing expectations by nearly 20,000. What's more, the US trade deficit narrowed by more than predicted to $42.7 billion as exports of airplanes surged and imports fell across the board. Regarding the commodity, the FXMarketAlert Team writes: "Oct crude range pattern in recent weeks does look poised to break soon. The setup is a little more bullish at this time, but still need a run through 75.58 in order to signal a projected breakout to the 50-day MA at 76.71. Support comes in at 74.67 and extends to 74.25/00."

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