Oil Rallies On US Jobs Data, Bullish EIA Monthly Report
NEW YORK, April 7 (Reuters) - Oil futures rallied on Tuesday, erasing losses on strong jobs data, U.S. government forecasts for lower domestic crude production growth and higher global demand for oil.
U.S. job openings surged to a 14-year high in February the Labor Department's monthly Job Openings and Labor Turnover Survey (JOLTS) said.
"That JOLTS report was certainly quite strong and strong employment equals strong gasoline demand," said John Kilduff, partner at Again Capital LLC in New York.
Also supportive was an Energy Information Administration (EIA) monthly report raising forecasts for U.S. and global demand growth and lowering forecasts for crude oil production growth in the United States.
U.S. May crude rose $1.84 to settle at $53.98 a barrel after dropping to $51.17. The $54.13 peak was the highest since reaching $54.15 on Feb. 17.
Brent May crude rose 98 cents to settle at $59.10, having swung from $57.02 to $59.27, highest since March 26.
Saudi Arabia's Oil Minister Ali al-Naimi reiterated that the kingdom was ready to help stabilize oil markets with participation of other producer countries, adding support to prices.
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