After a brief selloff yesterday, oil prices have been moving higher in today's action. Buyers have come back into the market today and pushed prices up as high as $95.00 earlier in the session, Prices nd are now up $1.20 to $94.69.The main reason why prices have turned higher today is optimism about the economy created by this morning's better than expected October payroll report. According to the U.S. Labor Department, October saw a 166,000 increase in payrolls, which was more than twice the 80,000 increase that analysts expected.
The better-than-expected payroll report was enough to create some optimism of the overall economy, and put some recession fears to rest. According to Michael Lynch, who is president of Strategic Energy and Economic Research Inc., "It suggests that concerns about the economy ... are overblown a little bit."
Why is gold making a new high, trading at $1,118.00 per ounce?
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