Update November 9, 2015

Dhaka 9-21 am, 04-August, 2020

Oil prices bounce back

Sumel Sarker

 

Oil prices

Oil prices bounce back

09 November 2015, Nirapad News:Oil prices rebounded in Asia Monday but stayed below $45 a barrel as gains were limited by a strong dollar and data showing a decline in Chinese crude imports.

US benchmark West Texas Intermediate was trading 35 cents higher at $44.64 and Brent crude was up 38 cents at $47.80 a barrel at around 0245 GMT.

A bullish US jobs market report last week sent the dollar higher, which would make dollar-priced oil more expensive for holders of weaker currencies, hurting demand and prices.

The US government released a surprisingly strong October jobs report that showed the US economy still growing at a firm rate, with the unemployment rate falling to 5.0 percent on the back of 271,000 new jobs created, nearly double the number in September.

A hike in interest rates encourages investors back to US assets for higher returns, pushing the dollar higher.

 

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