Loading...
See More

Oil prices climb on US jobs report

Feb 15 2013 07:36 AFP

(File, AP)

Related Articles

Oil up as Opec lifts demand forecast

Oil prices trading mixed

Oil prices inch up

Oil up in Asian trade

Oil prices slip in Asian trade

Oil prices rise in Asian trade

 

New York - Oil prices edged higher on Thursday as a solid employment report from the US offset weak economic data from Europe.

A barrel of West Texas Intermediate for delivery in March finished the day 30 cents higher at $97.31 on the New York Mercantile Exchange.

In London, a barrel of European benchmark Brent oil closed the day at $118.00, 12 cents higher than Wednesday's level.

US oil futures began the morning in negative territory, but moved higher after a weekly report of new US claims for unemployment insurance fell last week to well below the trend line.

Jobless claims, a sign of the pace of layoffs, fell to 341 000 in the week to February 9, compared with 368 000 the previous week.

The rise in oil price is "directly attributable to the improving employment sector," said John Kilduff, analyst at Again Capital.

The solid jobs figures in the US helped to counteract the latest batch of weak economic data from Europe.

Eurozone growth fell 0.6% in the fourth quarter of 2012, according to Eurostat. Analysts had projected a decline of 0.4%.

The European Central Bank also slashed their eurozone growth forecasts for 2013 and 2014.

Gene McGillian, a broker and analyst Tradition Energy, said the weak European numbers weighed on oil prices and kept the commodity from rallying higher still.

"We keep looking for a catalyst to rally. But we're still getting conflicting signals from the economy and that's preventing the market from rallying higher," McGillian said.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  markets  |  oil
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...