Edited By Vani Rao
Fire at Kansas refinery curbs total crude oil demand
The WTI crude for September delivery declined 4.12%, or $4.21 a barrel, during the week ended Friday, August 1, 2014, due to strong US economic data and fall in crude oil demand after a fire in a Kansas refinery.
Better-than-expected GDP growth fails to prop up USD
The EUR surged higher on Friday, August 1, 2014, against the dollar, after the US published its weekly report on initial jobless claims. Despite the encouraging Q2 GDP growth, the data showed that the US economy added fewer-than-expected jobs in July 2014. According to the US Labor Department reports, the US economy added 209,000 jobs in the month of July, which is below the forecasts for jobs growth of 233,000. Also, the US unemployment rates ticked up to 6.2% last month from 6.1% in June. Additionally, wage growth was almost flat, indicating an underlying slack in the overall economy.