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Friday, May 08, 2009
Posted by Roberto
6:45 PM 0 comments

INTERPRETING DATA

U.S. Economy:

The U.S. Labor Department said that employers cut 539,000 jobs in April. That was less than expected and the smallest reduction in six months.

However, the U.S. unemployment rate climbed to 8.9 percent, the highest since late 1983.

Oil Price:

Benchmark crude for June delivery rose $1.04 cents to $57.75 a barrel on the New York Mercantile Exchange. In London, Brent prices rose 83 cents to $57.31 a barrel on the ICE Futures exchange.

The Energy Information Administration said America's oil surplus grew less than expected, which is typically gives energy prices a boost.

But levels rose nonetheless, meaning storage houses were bloated with more crude than has been seen in nearly 19 years. Growing levels of unused crude in most cases would drive energy prices down.