On June 8, Brent crude LCOc1 settled up US$$1.07, or 2.08% at US$$52.51 a barrel, while U.S. crude CLc1 settled up US$0.87, or 1.73%, at US$51.23. In contrast, the dollar hit a five-week low against a basket of currencies as traders reduced bets of a looming interest rate hike following a weak jobs report. The dollar, based on rates from the Federal Reserve, declined to ¥106.94 on June 8, from ¥108.75 on June 2. The Euro edged up to US$1.1397 from US$1.12. The dollar has been very strong over the past years but slipped in the wake of April’s disappointing jobs report.
The Dow Jones Industrial Average advanced 238.5 points or 1.34% from a year earlier, to the psychologically important level at 18,005.05 points. The Standard & Poor's 500 Index stayed firmly above the 2,100-point level, where it gained 39.84 points or 1.92%, from 2,108.86 points a year earlier to 2,119.12. Both indexes are important indicators for the market, as they are able decide whether the main benchmark will push towards fresh all-time highs. The favorable encounters also lifts stock prices of major US oil and gas companies. Chevron Corp (NYSE: CVX) gained ground, rising 2.66% to US$103.09, and Exxon Mobil (NYSE: XOM) advanced 7% to US$90.79. Newfield Exploration climbed 12.8% to US$41.68. #MergentInc #industryreports #oilandgas