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Oil rises after strong US employment report
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The price of oil rose again yesterday on signs of a stronger job market in the US and finished the week with a gain of more than 5 percent.
Benchmark US crude for January delivery rose 27 cents at US$97.65 a barrel on the New York Mercantile Exchange. The increase for the week was US$4.93 a barrel.
US data showed the outlook for hiring is improving.
On Friday, the Labor Department said the US unemployment rate in November fell to a five-year low of 7 percent from 7.3 percent in October. Employers added 203,000 jobs last month, many in higher-paying sectors like manufacturing and construction.
The jobs report came after Thursday's data from the Commerce Department showed that the US economy grew at a 3.6 percent annualized rate in July through September, the fastest since early 2012.
Brent crude, a benchmark for international oils, rose 63 cents to US$111.61 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline rose 2 cents to US$2.73 a gallon.
— Heating oil added 1 cent to US$3.06 a gallon.
— Natural gas fell 2 cents to US$4.11 per 1,000 cubic feet.
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