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Jobs, factory activity and monthly oil report coming up (Brent: $48.2)

Oil prices keep trading sideways in the $48-50-level as markets are eying job report and Chinese manufacturing data this week.

Friday, the weekly oil rig count from Baker Hughes showed another decline in rigs in the U.S. – 4 rigs down to 640 active drilling rigs. Compared to last year, the number of active drilling rigs is down 1093. On Wednesday, the Energy Information Administration will publish its monthly petroleum supply report which will be followed closely for hints of the decline in drilling rigs is affecting supply.

The week starts off with 3 Fed-member speeches – we could see some volatility if comments indicate interest rate hike/no hike this year.

Over the week a row of U.S. economic key numbers will be published (jobs, consumer confidence, housing), but Friday’s Non-farm Payrolls will be the main potential market mover on the economic data side. Early Thursday, Japanese and Chinese manufacturing data will be published. As China has showed signs of slowing growth lately, the data is watched by the markets. This morning, data showed that industrial profits in the huge country showed decline to a 4-year low in August, profits of industrial companies dropped 8.8% from a year ago.

Day ahead in economic numbers:

09:00 GBP BoE MPC Member Cunliffe Speaks

11:15 USD FOMC Member Tarullo Speaks

14:30 USD Core PCE Price Index (MoM) (Aug)

14:30 USD Core PCE Price Index (YoY) (Aug)

14:30 USD FOMC Member Dudley Speaks

14:30 USD Personal Spending (MoM) (Aug)

16:00 USD Pending Home Sales (MoM) (Aug)

23:00 USD FOMC Member Williams Speaks