S&P 500
Oil prices jumped by 0.5% today even though the US and China stock markets declined by 0.3% and 1.1%, respectively. The situation in the Suez Canal also did not push oil down, nor did the 1.7% rise in US Treasury yields. Supply in the US also jumped by 3.9 million barrels, which is clearly above forecasts.
Regarding the US market, it will move today depending on the report on US employment. If the data is better than the forecasts, the market will grow and hit new highs. Accordingly, oil prices will jump even higher.
Forecasts:
Brent is currently trading at $ 64.50, but it is expected to grow by 0.5% and range between $63.50 - $66.00.
WTI is currently trading at $ 60.80, but it is expected to increase by 0.5% and range between $ 59.00-$ 62.50.
