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The number of people out of work fell by a seasonally adjusted 6,000 to 2.69 million, data from the Federal Labor Agency in Nuremberg showed on Thursday. The median estimate in a Bloomberg survey was for a drop of 5,000. The jobless rate remained unchanged at a record low of 6.1 percent.
Prices of oil are continuing to restore and this is not only being facilitated by falling US oil reserves, but also a rethink of the Brexit referendum’s consequences. Data from the EIA on Wednesday showed that oil had fallen more than expected (down 4.053 million barrels against an expected 2.375 million barrel fall). As for the Brexit, the first reaction to the referendum on commodity markets, excluding gold, but including oil, was a fall due to the rise in likelihood of a slowing of growth in the global economy.
The rise in the stock markets and the price of oil on Wednesday facilitated a strengthening of the commodity currencies and, via them, the euro. The price of Brent again surpassed the psychological $50.00 per barrel level.
Stock futures pointed to a higher opening for Canada's main stock index for the second day on Wednesday as the shock from Britain's vote to leave the European Union petered out and oil prices rose as risk appetite increased.
Oil prices finished Tuesday up. In the first half of the day they lifted from $47.4 to $48.5 per barrel of Brent, then returning to $47.5. However, with stats from the API showing a fall in US oil reserves of 3.86 million barrels, the quotes for oil lifted to $48.75 by the end of the American session. On Wednesday morning, oil is trading at approximately the same level after an attempt to grow to $48.95.