The price of crude oil is rising during early Friday
The price of crude oil is rising during early Friday trading, as supply concerns once again rise to the top of the agenda. The unrest in Kazakhstan and instability in Libya continue to worry the markets, once again highlighting the fact that supply remains the main driver behind oil prices. Late November’s fears that the Omicron variant could dent demand have long been shrugged aside, with investors instead looking at the situation in Kazakhstan and Libya and driving up the price of the barrel, as any reduction in supply is likely to exacerbate the ongoing difficulties to meet growing global demand.
The US dollar is hedging lower in early Friday trading but remains positive for the week, as investors await the release of American employment data later in the day. The greenback rallied at the beginning of the week, having then lost some steam as investors shifted their focus to the release of today’s Non-farm Payrolls. If the NFP data is positive it will pretty much settle the case for earlier than previously expected rate hikes by the Fed, with the March meeting looking like an increasingly likely starting point.
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