Crude gains on U.S. jobs data, rising tensions in Egypt
Published Jul 05, 2013 12:28PM ET
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded up 1.57% at USD102.83 a barrel on Friday, off from a session high of USD103.08 and up from an earlier session low of USD100.91.
The Bureau of Labor Statistics reported earlier the U.S. economy added 195,000 nonfarm payrolls in June, well above analysts' calls for a 165,000 increase.
May's figure was revised upwards to 195,000 jobs from 175,000, while April's figure was revised upwards to 199,000 from 149,000.
The headline unemployment rate remained unchanged at 7.6% last month, while hourly earnings rose 0.4% compared to market calls for a 0.2% gain.
The numbers bolstered expectations that the U.S. economy continues to recover from years of recession and sluggish growth and will demand more fuels and energy going forward.
Meanwhile in the Middle East two days after Egyptian President Mohamed Mursi was deposed from power, reports of clashes across the country among groups for and against the former ruler sparked fears the conflict will spread across the oil-rich area of the world and threaten global supply, which sent prices gaining further.
In the Sinai Peninsula near Israel, gunmen reportedly fired rocket-propelled grenades at various military posts, killing one soldier and wounding two.
On the ICE Futures Exchange, Brent oil futures for August delivery were up 1.64% at USD107.28 a barrel, up USD4.45 from its U.S. counterpart.
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Written By: Investing.com
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