|Bid||239.23 x 1100|
|Ask||239.37 x 900|
|Day's range||236.95 - 239.64|
|52-week range||130.85 - 250.46|
|Beta (5Y monthly)||1.48|
|PE ratio (TTM)||13.79|
|Earnings date||13 Jan 2021 - 18 Jan 2021|
|Forward dividend & yield||5.00 (2.12%)|
|Ex-dividend date||01 Dec 2020|
|1y target est||262.78|
(Bloomberg) -- Oil faded from session highs after U.S. labor-market data showed the recovery markedly slowing last month in a warning sign for crude demand.Futures were little changed in New York after rising as much as 2.3% on Friday. The U.S. benchmark is poised to post its fifth straight weekly gain. The dimming rebound in the U.S. labor market comes as the country sets new daily records in virus cases and as tougher restrictions crimp consumption for oil.The U.S. labor market data “put the brakes a little bit on the rally that we’ve seen in oil,” said Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago. “Certain areas of the jobs number indicate an impact on gasoline and oil demand.”Still, U.S. benchmark crude futures are on track to eke out a weekly gain after OPEC+ reached a compromise agreement that offers something for members concerned about the fragility of the market as well as nations who want to pump more to take advantage of higher prices. Oil has reached March highs recently amid optimism over an impending vaccine rollout lifting demand next year.See also: OPEC+ Show of Unity on Output Deal Welcomed by Oil AnalystsThe oil futures curve, meanwhile, is signaling tighter supply as demand in Asia booms and the key North Sea market strengthens. The prompt timespread for Brent crude moved back into backwardation, while the nearest December contract is trading at a higher level than the same contract for December 2022.“Asian demand is absolutely roofing right now,” Amrita Sen, co-founder of consultant Energy Aspects Ltd., said in a Bloomberg TV interview. “If this momentum continues, we could actually see the oversupply disappear a lot earlier than what we’re expecting.”Hopes for another round of fiscal stimulus in the U.S. are providing an additional support to prices. Despite the demand implications from a slowing labor-market rebound, the disappointing figures could serve as a stark warning to lawmakers surrounding the potential cost of a failure to reach an agreement.However, the rally in headline crude prices isn’t a welcome sign for every corner of the market. Europe’s beleaguered oil refineries are struggling to pass on the higher cost to buyers as they face weak fuel demand due to the pandemic. In the U.S., the combined refining margin for gasoline and diesel remains near $9 a barrel at its lowest in roughly a decade for this time of year.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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