Crude oil dips after swelling to 6 month highs on better-than-expected US jobs report

08-Jun-09
Crude futures have retreated to US$68 after surging past US$70- at 6 month highs after release of a report indicating better-than- expected improvement in US jobs scenario. The latest employment report is an indication of the improving health of the US economy. The loss of jobs in May was the fewest since last September, resulting in the dollar gaining strength. The euro lost 1.4% against the dollar, the pound 1% against the dollar, rising 1.8% against the Japanese yen. The stronger US dollar has also contributed to oil's retreat, as when the dollar strengthens, oil becomes more expensive in other currencies. Goldman Sachs, in its latest report, has raised its 3-month price target for crude oil to US$75 from US$52. By the end of 2009, the report predicts oil will reach US$85 a barrel, up from US$65 a barrel. And by the end of 2010, crude is forecast to touch US$95 a barrel.
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