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Oil up on jobs data
Source: Agencies |
March 9, 2013, Saturday
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THE price of oil was up slightly yesterday, as a strong US jobs report was tempered by gains in the dollar.
Benchmark oil for April delivery was up 39 cents to finish at US$91.95 a barrel on the New York Mercantile Exchange.
The Labor Department said employers added 236,000 jobs last month, far exceeding economists' predictions. The unemployment rate fell to 7.7 percent from 7.9 percent. That could signal increased demand for oil products if more drivers are joining the daily commute.
But the report also supported the US dollar against the euro, yen and other currencies. A stronger dollar makes oil a less enticing investment for traders using those other currencies, since oil is traded in dollars.
Crude prices have not benefited much from the growing optimism in stock markets, which has pushed the Dow Jones industrial average to new highs this week. Oil prices are near their lows for the year due to lingering concerns about global economic growth and ample crude supplies in the US.
Brent crude, used to price many kinds of oil imported by US refineries, was down 30 cents to end at US$110.85 a barrel on the ICE Futures exchange in London. The falling price was attributed to the reopening of a North Sea pipeline carrying 90,000 barrels a day, which had been shut for repairs.
In other energy futures trading on the Nymex:
- Wholesale gasoline rose 8 cents to finish at US$3.20 a gallon.
- Heating oil fell less than a cent to end at US$2.97 a gallon.
- Natural gas rose 5 cents to finish at US$3.63 per 1,000 cubic feet.
Benchmark oil for April delivery was up 39 cents to finish at US$91.95 a barrel on the New York Mercantile Exchange.
The Labor Department said employers added 236,000 jobs last month, far exceeding economists' predictions. The unemployment rate fell to 7.7 percent from 7.9 percent. That could signal increased demand for oil products if more drivers are joining the daily commute.
But the report also supported the US dollar against the euro, yen and other currencies. A stronger dollar makes oil a less enticing investment for traders using those other currencies, since oil is traded in dollars.
Crude prices have not benefited much from the growing optimism in stock markets, which has pushed the Dow Jones industrial average to new highs this week. Oil prices are near their lows for the year due to lingering concerns about global economic growth and ample crude supplies in the US.
Brent crude, used to price many kinds of oil imported by US refineries, was down 30 cents to end at US$110.85 a barrel on the ICE Futures exchange in London. The falling price was attributed to the reopening of a North Sea pipeline carrying 90,000 barrels a day, which had been shut for repairs.
In other energy futures trading on the Nymex:
- Wholesale gasoline rose 8 cents to finish at US$3.20 a gallon.
- Heating oil fell less than a cent to end at US$2.97 a gallon.
- Natural gas rose 5 cents to finish at US$3.63 per 1,000 cubic feet.
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