Boost: Oil prices rise on jobs report
Oil prices advance due to solid US jobs report and continued doubt about prospects for full recovery of Libyan exports
NEW YORK:
Oil prices advanced Friday due to a solid US jobs report and continued doubt about the prospects for a full recovery of Libyan exports. US benchmark West Texas Intermediate for May delivery rose 85 cents to finish at $101.14 a barrel on the New York Mercantile Exchange. European benchmark Brent oil for May delivery increased 57 cents to $106.72 a barrel in London. Gene McGillian, a broker and analyst at Tradition Energy, said the jobs report, which also included an upward revision to the estimate for jobs added in January and February, “created some positive sentiment.” Traders also continue to doubt when Libyan exports will be restored to normal levels after a months-long blockade of key oil terminals due to a dispute between the central government and federalist leaders.
Published in The Express Tribune, April 6th, 2014.
Oil prices advanced Friday due to a solid US jobs report and continued doubt about the prospects for a full recovery of Libyan exports. US benchmark West Texas Intermediate for May delivery rose 85 cents to finish at $101.14 a barrel on the New York Mercantile Exchange. European benchmark Brent oil for May delivery increased 57 cents to $106.72 a barrel in London. Gene McGillian, a broker and analyst at Tradition Energy, said the jobs report, which also included an upward revision to the estimate for jobs added in January and February, “created some positive sentiment.” Traders also continue to doubt when Libyan exports will be restored to normal levels after a months-long blockade of key oil terminals due to a dispute between the central government and federalist leaders.
Published in The Express Tribune, April 6th, 2014.