Oil Rises As US Jobs Market Signals Recovery
NEW YORK (AP) — The price of oil rose above $95 Thursday as the U.S. job market showed more signs of recovering.
The government said the number of people applying for U.S. 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 U.S. crude for January delivery gained $1.59 to close at $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 $2.02 to $110.08 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
- Wholesale gasoline added 8 cents to $2.74 gallon.
- Heating oil rose 5 cents to $3.01 a gallon.
- Natural gas advanced 3 cents to $3.70 per 1,000 cubic feet.
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