Weekly Jobless Claims Jump To Highest Level Since July; NYMEX Crude Oil Falls Below $37 a Barrel

ngU.S. stock futures are pointing to a slightly higher opening despite weekly jobless claims jumping to the highest level since July and a new OPEC report today that pushed NYMEX crude oil below $37 a barrel.

Today’s report from OPEC showed that production rose by 230,000 barrels a day and produced 31.7 million barrels a day in November, the highest output in 3 years.

Last Friday OPEC decided to maintain its production level near record highs despite a glut in global oil with influential OPEC member Saudi Arabia refusing to make production cuts and lose market share.

Crude oil is trading at its lowest level since 2009 and the dive has pressured U.S. shale companies that need oil prices to rise higher.

This morning the Department of Labor reported that weekly jobless claims rose to 282,000 from 269,000, the highest level since July.

Tomorrow U.S. retail sales for November is expected to rise 0.2 percent, according to a forecast from briefing.com., slightly higher than the 0.1 percent increase in October.

–Johnathan Schweitzer

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