Oil Prices Are Slipping This Morning

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Photo: oncejag111 via YouTube

Crude is not buying today’s bullish jobs number.Despite this morning’s improvement in jobless claims, WTI contracts for June are down -1.8 per cent to $103.38 a barrel this morning as the market licks its wounds from yesterday’s disappointing ADP report showing just 119,000 jobs created.

The Energy Information Administration also reported yesterday crude supplies increased 2.8 million barrels, bringing U.S. inventories to nearly 376 million barrels of oil, their highest level since September 1990, Marketwtach reported.

The increase was in line with expectations but still dampened prices, the site said.

It was the sixth reported increase in weekly supplies.

Exxon, Chevron and BP were all down slightly in morning trading.

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