U.S. nonfarm payrolls turned out weaker than expected causing oil prices to fall on anticipations of a weaker economy. Phillip Futures More Quotes by Phillip Futures More Quotes From Phillip Futures We would think that prices should be moving downwards this week as prices would hardly find support. Phillip Futures business Although it would seem that heavier emphasis has been placed on both China and the U.S., Eurozone's demand remains important as well. Provided Eurozone Q2 GDP remains strong, we could be seeing some support to oil prices. Phillip Futures business We believe that bearishness is still in play. Phillip Futures most-read-articles If prices hold above these levels, there is a chance that prices could move higher this week, which should hinge on optimistic nonfarm payrolls. Phillip Futures most-read-articles Prices seem adamant on staying above support levels, and it seems they will hold for this festive season, normally, positive stockpile data of this magnitude would surely have broken support levels. However, it seems there is not enough downward pressure to keep prices down. Phillip Futures business We do not expect WTI and Brent to test new lows this week. Phillip Futures energy With dealing desks having to close their books, traders going on holidays and a lack of key economic news from around the globe, we do not expect much volatility from now till January 2015. Phillip Futures energy
