Crude oil fell by 0.48% to $97.37 at 1030 GMT before release of Non Farm Employment Data. The commodity is expected to remain under pressure till the data release.
Bureau of Labor Statistics will release Payroll data at 1330 GMT. According to forecast the employment is expected to increase by 185k from previous dissatisfactory result of 74k. Fall in claims by jobless people is also likely to support employment data. Yesterday unemployment claims fell to 331k from 351k earlier.
Only drastic change in employment will bring volatile movement in crude oil prices. If result comes highly positive then chances of further tapering will increase. That could reduce commodity oriented investment and fall crude oil prices.
Increasing production capacity and discovery of hidden storages likely to fall high prices of this energy source in long run.
Today we are expecting oil prices to show near to $0.80 movement on unexpected data release.