Tuesday, May 7, 2013

The price of oil soaring

The price of crude oil. (ist)

New York (Reuters)-oil prices surged on Friday (Saturday morning EST), after a U.S. jobs report heartening easing concerns about the strength of the economy and the world's biggest energy consumer.

New York's main contract, light sweet crude or West Texas Intermediate (WTI) for June delivery, settled at 95,61 u.s. dollars per barrel, up 1.62 u.s. dollars from the closing level Thursday, AFP reported.

The European benchmark, Brent North Sea crude oil for delivery in June, closed up 1.34 u.s. dollars to 104,19 u.s. dollars a barrel in London trade.

Both contracts extend rise sharply on Thursday on top of 3.0 dollars, while investors welcomed the drop in interest rates a quarter-point lead by the European Central Bank (ECB) to a record low of 0.50 percent.

Oil and stock markets rose after the U.S. Labor Department reported the United States added 165,000 jobs in April, far above expectations, and the unemployment rate fell to 7.5 percent in thin.

Strengthen the good news that the revised up growth in employment for February and March that showed an additional 114,000 jobs than previously thought.

"It's positive News sent equities soaring, and WTI went soaring together," BMO Capital Markets analysts said in a market note.

WTI prices recorded the highest daily 96,04 u.s. dollars. "One does not really excited to hold long-term positions into the weekend and therefore take it off at the closure," said the analyst.

The market largely ignored some details in the report disappointing us jobs--such as reduction in working hours--and a pair of indicator of the manufacturing sector and services the U.S. weaker than expected in the afternoon.

The oil market strengthened despite the buildup in U.S. crude oil supplies last week hit the highest level since 1981 and the demand for oil continues to weaken, Tim Evans of Citi Futures said.

"The bottom line here, it appears that while there is increased demand for ' paper barrels ', a taste for risk, the US and the global oil market is still far from tight." (A026)

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Title Post: The price of oil soaring
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