Oil futures hit 11-week highs
www2.marketwatch.com
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 3:56 PM ET Sept. 7, 2001
NEW YORK (CBS.MW) -- Futures prices for crude, heating oil and gasoline climbed to their highest levels in over two months Friday, as sizable U.S. inventory declines prompted concerns over near-term supplies.
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U.S. businesses shed 113,000 jobs in August outpacing estimates of a loss of 40,000 jobs, the government reported.
"Also troublesome was the (hourly) wage number which does show some wage pressure (inflation) working it way into the labor markets," said Charles Nedoss, an analyst at PeakTradingGroup.com, a unit of Rosenthal Collins. See related story.
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Cotton hits new 15-year low
Cotton futures continued to decline Friday, eclipsing the 15-year low seen a day earlier, according to Mike Stevens, an analyst at Swiss Financial Services.
December cotton dropped to an intraday low at 37.75 and closed at 37.84 cents, down 0.57 cent in New York.
"Armed with the previous day's bearish momentum, an improved weather forecast, a depressing stock market, a weak CRB (commodities index) and possibly most important of all - the first cut in world offering prices in nine sessions, the bears pressed hard," said Stevens |
