Update November 7, 2015

Dhaka 12-46 pm, 27-September, 2020

Oil prices hit reverse

Sumel Sarker

Oil prices

Oil prices hit reverse

07 November 2015, Nirapad News: Oil prices sank for the third straight session Friday after a bullish US jobs market report sent the dollar sharply higher.

US benchmark West Texas Intermediate for delivery in December fell 91 cents to $44.29 per barrel from Thursday.

In London trade, Brent North Sea crude for December shed 56 cents to stand at $47.42 per barrel.

Crude prices sank after the US released a surprisingly strong October jobs report that showed the 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.

That triggered higher expectations that the Federal Reserve will increase interest rates in December, in turn pushing the greenback up 1.2 percent against the euro and 1.1 percent against the yen to cap a week of strong gains.

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