• Oil prices fell

Market news

7 September 2015

Oil prices fell

West Texas Intermediate futures for October delivery fell to $45.63 (-0.91%), while Brent crude declined to $49.10 (-1.03%) after a weaker-than-expected nonfarm payrolls number (173,000 vs 220,000) added to concerns over global economic weakness. Meanwhile supply glut issues persisted. Eurozone GDP data for the second quarter due Tuesday might provide further clues for price direction.

A stronger dollar makes oil more expensive for importers holding other currencies.

Fundamentals remain unfavorable for oil.

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