News 06th February 2012
U.S jobless rate at 3-yr low
According to data from the US Labor department, non-farm payrolls rose 243 000 in January as factory jobs rose by the most in a year. The jobless rate fell to 8.3 %, the lowest since February 2009. The monthly job-gain was the largest since April.
China extends Iran crude import cut in March
China’s crude imports from Iran in March will be around half of the volumes one year ago, according to trading sources. This is because of a dispute over payment and prices. Negotiations continue however and China has a good hand since Europe will ban imports from July 1st. Sinopec represents 90% of China’s Iranian imports. They are meeting with Iran this week to discuss 2012 term contracts.
Nigerian militants attack pipeline
A Nigerian militant group this weekend attacked an oil pipeline owned by the Italian firm ENI. The lost production would be around 4000 bpd.
FRIDAY’S MARKET
Crude prices rose on Friday on Iran’s threat of retaliation against any western sanctions. Further supporting prices was the report on strong job creation in January. There was also positive economic news from Britain, India and Russia.
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