New York Mercantile Exchange oil futures and Brent crude traded on the Intercontinental Exchange flipped between modest gains and losses in pre-inventory trade Wednesday.
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Reversing earlier losses, oil futures nearest delivery on the New York Mercantile Exchange settled the last trading session of January higher after the U.S. employment cost index showed wage pressure eased further at the end of 2022.
New York Mercantile Exchange oil futures and Brent crude traded on the Intercontinental Exchange continued lower early Tuesday.
What DTN Is Watching
The U.S. Labor Department will release nonfarm payrolls for January and the monthly unemployment report at 7:30 a.m. CST, Friday's main attractions. Traders will watch over the latest weather forecasts and pause at 8 a.m. to see if USDA has an export sale announcement.Weather
A burst of arctic air with the polar vortex continues in the Midwest where some lake-effect snows are occurring. A front is finally being pushed out of the Southeast where showers continue for the day. While eastern areas are getting colder, the Plains are getting warmer as a ridge of high pressure spreads eastward. The next system is moving into the West Coast, which will have implications east of the Rockies for next week.
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