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Oil prices recover after US jobs report
Source: Agencies |
May 7, 2011, Saturday
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Online Edition
Online Edition
OIL prices recovered after the US government said the economy added 244,000 jobs in April.
The hiring spree last month was the biggest in five years. That could mean more people using gas to drive to work.
Oil jumped from around US$98 per barrel to near US$100 immediately after the report was released. The price retreated a bit from there, but is now almost even for the day.
Benchmark West Texas Intermediate is up 2 cents to US$99.80 per barrel on the New York Mercantile Exchange. It earlier hit a three-month low of US$94.63 per barrel. It plunged 8.6 percent Thursday.
Meanwhile, a 44-day run of consecutive increases in gasoline prices came to an end yesterday. The national average slipped a hundredth of a penny overnight to US$3.984 per gallon.
The hiring spree last month was the biggest in five years. That could mean more people using gas to drive to work.
Oil jumped from around US$98 per barrel to near US$100 immediately after the report was released. The price retreated a bit from there, but is now almost even for the day.
Benchmark West Texas Intermediate is up 2 cents to US$99.80 per barrel on the New York Mercantile Exchange. It earlier hit a three-month low of US$94.63 per barrel. It plunged 8.6 percent Thursday.
Meanwhile, a 44-day run of consecutive increases in gasoline prices came to an end yesterday. The national average slipped a hundredth of a penny overnight to US$3.984 per gallon.
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