Fed Taper Delay Could Directly Benefit Oil Prices ...Middle East

OILPRICE - Economy

After breaking the WTI $70 resistance level Thursday with 2.8% gains for both key benchmarks, prices have since slid, but with a weaker-than-expected jobs report, the Fed is now likely to delay tapering, giving more impetus to oil prices in the short term. WTI was trading at $69.81 at 10:57a.m. EST, while Brent was at $72.95. By August 18th, oil had posted its longest losing streak in 18 months after the fed report. Now, the new jobs data will give the Fed an excuse to push off the taper, possibly until October, so oil prices…

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