crude oil prices were little changed on Friday, despite the optimism that spread through markets after U.S. unemployment fell unexpectedly in November to 8.6% from 9.0%, while the nonfarm payrolls increased by 120 thousand jobs in November, slightly below estimates of 125 thousand jobs.
Meanwhile, the situation in Iran continued to provide support for crude oil prices. Nonetheless, concerns from the European debt crisis continued to put negative pressure on crude oil prices.
Traders will continue to monitor the developments from Europe regarding the debt crisis, where rising yields in Europe, especially in Italy suggest investors are concerned amid the uncertainty that is surrounding the outlook of the EU debt crisis.
Our overall outlook for crude oil prices is still bearish, where expectations of slowing global growth, in addition to the uncertainty over the outlook the European debt crisis and its impact on growth in Europe are likely to keep crude oil prices under pressure over the coming period. Nonetheless, traders will continue to watch the developments in Iran, since it could still provide crude oil prices with bullish momentum on fears of disruptions in supplies.
Monday December 5:
At 15:00 GMT the United States will join the session with the ISM Non-Manufacturing Composite for November, which could have improved to 53.5 from 52.9.
TheUnited Stateswill also provide markets with the Factory Orders index for December, with expectations that the index could have shrank 0.3% from the prior 0.3% expansion.