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Economic Highlights 09.01.2025: Declining Crude Oil Reserves Fail to Boost Oil Prices

9 thg 1, 2025

At the close of trading on January 8, the S&P 500 Index rose slightly by 0.16% to 5,918.25 points, while the Nasdaq Composite fell marginally by 0.06% to 19,478.88 points. The Dow Jones Index also gained 0.25%, reaching 42,635.20 points. All three major indexes appear poised to record their second consecutive week of declines.


On the same day, spot gold prices climbed 0.4%, reaching $2,659.16 per ounce, the highest level since December 13, 2024. Similarly, gold futures rose 0.4% to $2,676.90 per ounce.


The ADP employment report indicated that the U.S. private sector added 122,000 jobs last month, falling short of economists’ forecast of 140,000 jobs. Another report from the U.S. Department of Labor showed that initial unemployment claims for the previous week totaled 201,000, lower than the expected 218,000 claims.


Brent crude oil prices dropped 1.05% to $73.47 per barrel, while WTI crude also declined by 1.05%, settling at $73.47 per barrel. However, both oil contracts had briefly risen by more than 1% earlier in the session.


According to a report from the U.S. Energy Information Administration (EIA) released on Wednesday, U.S. fuel inventories saw a significant increase last week, while crude oil reserves fell due to higher refining activity. Crude oil inventories decreased by 959,000 barrels to 414.6 million barrels, surpassing analysts’ forecast of a 184,000-barrel decline.


Source: HighTower, SFVN (Compiled)

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