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Oil rises as US jobs market signals recovery
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The price of oil rose above US$95 yesterday as the US job market showed more signs of recovering.
The government said the number of people applying for US unemployment benefits fell 21,000 to a seasonally adjusted 323,000 last week, the lowest since late September and further evidence of an improving job market.
Benchmark US crude for January delivery gained US$1.59 to close at US$95.44 a barrel on the New York Mercantile Exchange. That's the highest closing price this month.
Brent crude, the benchmark for an international variety of crude, gained US$2.02 to US$110.08 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline added 8 cents to US$2.74 gallon.
— Heating oil rose 5 cents to US$3.01 a gallon.
— Natural gas advanced 3 cents to US$3.70 per 1,000 cubic feet.
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