WTI Oil Rises Above $100 as U.S. Jobs Signal Gain in Fuel Demand

Posted by jalatama Senin, 10 Februari 2014 9 komentar


West Texas Intermediate crude rose for a fifth day, climbing above $100 a barrel as a decline in U.S. unemployment bolstered the outlook for fuel demand in the world’s biggest oil consumer.

Futures advanced as much as 0.6 percent in New York after gaining the most in two months on Feb. 7. The jobless rate dropped to the lowest level since October 2008, while payrolls increased by 113,000 in January, according to the Labor Department. That was below the median estimate of economists in a Bloomberg News survey. Libya’s crude production expanded after the end of protests that shut a pipeline, according to National Oil Corp.

WTI for March delivery rose as much as 58 cents to $100.46 a barrel in electronic trading on the New York Mercantile Exchange, and was at $99.98 at 1:43 p.m. Sydney time. The contract climbed 2.1 percent to $99.88 on Feb. 7, the highest close since Dec. 27. The volume of all futures traded was more than double the 100-day average. Prices advanced 2.5 percent last week.

Brent for March settlement gained as much as 18 cents, or 0.2 percent, to $109.75 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $9.34 to WTI. The spread widened for a third day on Feb. 7 to close at $9.69.
(Source: Bloomberg)


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