Oil rises on solid gain in US hiring

Source: Agencies | March 8, 2014, Saturday |

Online Edition

The price of oil crept up to near US$102 a barrel yesterday after a solid increase in US employment and a decline in the dollar.

Benchmark US crude for April delivery rose US$1.02 to close at US$102.58 a barrel on the New York Mercantile Exchange. After a swing in prices earlier in the week due to the situation in Ukraine, oil ended the week with a loss of 1 cent.

Brent crude, used to set prices for international varieties of crude, gained 90 cents to US$109 a barrel on the ICE Futures exchange in London.

The brutal winter weather didn't faze US employers, who added 175,000 jobs, far more than the two previous months. The Labor Department said the unemployment rate rose to 6.7 percent from a five-year low of 6.6 percent, but that was because more people grew optimistic about their job prospects and began seeking work.

The dollar fell against other currencies, helping oil. A weak dollar encourages holders of other currencies to buy dollar-denominated assets such as oil.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 3 cents to US$2.97 per gallon.

— Heating oil added 3 cents to US$3.01 per gallon.

— Natural gas fell 4 cents to US$4.62 per 1,000 cubic feet.

Energy

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Oil rises on solid gain in US hiring

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