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Singapore - Crude prices hit fresh two-and-a-half-year highs in Asian trade on Monday as a jump in US jobs creation inspired traders amid hopes of rising demand, analysts said.
New York's main contract, light sweet crude for delivery in May, rose 29c to $108.23 per barrel in the afternoon, topping Friday's peak of $107.93 and hitting its highest level since late September 2008.
Brent North Sea crude for May delivery advanced 21c to $118.91.
The US Labour Department said on Friday that more than 200 000 jobs were created last month and unemployment in the world's biggest oil consumer fell to 8.8% in March.
"Since November 2010, the jobless rate has declined by 1.0 percentage point," the government agency noted in its press release.
Ben Westmore, minerals and energy economist for National Australia Bank in Melbourne, told AFP: "I would say the fall in the unemployment rate wasn't expected by the market so it probably gave a little extra upward impetus to oil prices."
He said traders had already priced in supply disruptions due to the ongoing Libyan conflict, but warned of the effects of any spillover.
"The important thing going forward is any news on the spread of the conflicts to other countries. That would be the thing that is not yet reflected in prices and would cause prices to push higher," he said.
