Oil at seven-week high
Posted on 07 March 2010 by admin
Oil rose more than 1 per cent to hit a seven-week high on Friday after a report showed the United States lost fewer jobs than expected in February and on signals China will maintain its economic stimulus measures.
China.
US crude for April gained US$1.29 to settle at US$81.50, the highest settlement since January 11. Brent crude for April advanced US$1.35 to settle at US$79.89 a barrel.
US employers cut 36,000 jobs in February, leaving the unemployment rate unchanged at 9.7 per cent and helping to brighten economic sentiment. Analysts had expected non-farm payrolls to drop by 50,000.
“Given the outlook for persistent job growth in the coming months, this data is very supportive for energy prices,” said John Kilduff, partner at Round Earth Capital in New York.
