Oil tumbles on disappointing jobs data
Shared by Henry
How are commodities such as Crude Oil getting affected by US Job data? Since USD is a safe-haven currency, a worse job number actually boost demand for US Treasuries, and that in turn makes all commodities weaker… why? because all commodities, Gold, Crude, etc… are pegged to the USD. so better USD means automatic worse commodities.
Oil prices dropped Friday after a government report said almost all of the jobs added last month were temporary Census workers, and the euro fell to a 4-year low.