US Oil Lifted By Solid Jobs Report

Reuters

NEW YORK, June 6 (Reuters) - U.S. crude oil futures inched higher on Friday after a solid jobs report in the United States pointed to economic strength and growing oil demand in the world's largest oil consumer.

A U.S. Labor Department report showed a fourth straight month of job gains in May, bringing U.S. employment back to pre-recession levels and confirming that the economy has snapped back from a winter lull.

"There was a little bit of a rally after the report came out and the market was stronger this morning. The market is now finding a balance where it's comfortable," said Joseph Posillico, senior vice president of energy derivatives at Jefferies Bache in New York.

U.S. crude gained 18 cents to settle at $102.66 a barrel after hitting a high of $103.07 shortly after the release of the jobs report.

Brent crude oil futures, however, lost 18 cents to settle at $108.61 a barrel.

Brent had gained on Thursday on prospects for oil demand growth in Europe after the European Central Bank (ECB) launched a series of measures to pump money into the sluggish euro zone economy.

"Yesterday the focus was on the ECB," said Phil Flynn, an analyst at the Price Futures Group in Chicago. "Today the focus is back on the U.S."


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Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours