Oil prices hit high
Source: Agencies |
March 5, 2011, Saturday
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Print Edition
Print Edition
OIL prices hit a two-year high yesterday after the United States government said the unemployment rate fell to 8.9 percent in February.
The US economy added 192,000 jobs last month. That suggests more people will be commuting at a time when world oil supplies are under pressure because of the crisis in Middle East. Benchmark West Texas Intermediate crude for April delivery gained US$1.27 to US$103.17 per barrel in New York. The price jumped to US$103.57 per barrel earlier in electronic trading, the highest since September 29, 2008.
The US economy added 192,000 jobs last month. That suggests more people will be commuting at a time when world oil supplies are under pressure because of the crisis in Middle East. Benchmark West Texas Intermediate crude for April delivery gained US$1.27 to US$103.17 per barrel in New York. The price jumped to US$103.57 per barrel earlier in electronic trading, the highest since September 29, 2008.
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