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Saturday, December 7, 2013

Oil prices rise after U.S. jobs report steady


Oil prices rise after U.S. jobs report steady


 World oil prices pushed higher on Friday (Saturday morning GMT ) , after the jobs report for November which signaled steady unexpected strength in the U.S. economy .

The U.S. unemployment rate fell sharply to seven per cent from 7.3 per cent in October , and the number of jobs generated last month reached 203,000 , well above expectations .

The main contract , light sweet crude or West Texas Intermediate ( WTI ) for delivery in January , added 27 cents to close at 97.65 dollars a barrel on the New York Mercantile Exchange .

In London trade , Brent North Sea crude for January delivery closed at 111.61 dollars per barrel , up 63 cents from Thursday's close .

The European benchmark , Brent crude retain broad support from worries about supply disruptions in the North Sea .

Fierce winter storm continued to hit northern Europe with strong hurricane on Friday , killing at least 10 people were killed and hundreds of thousands without power and transportation chaos highway , rail and air .

Strengthening U.S. oil ( WTI ) derived from employment figures , which together with other data has shown economic growth is strengthening , a good sign for the oil market of the country .

" Overall this report ratified the argument that the economy is seen to grow very stable , and ready to accelerate in 2014 due to several factors adverse loss of growth in 2013 , " said Doug Handler , chief U.S. economist at IHS Global Insight , as reported by AFP

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