Investing.com - Crude futures rose on Friday after data revealed
the U.S. economy continued to add jobs in May, in the private
sector particularly, which sparked demand for oil due to sentiments
that the world's largest economy will demand more fuel and energy
On the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in July traded at $102.68 a barrel during
U.S. trading, up 0.20%. New York-traded oil futures hit a session
low of $102.31 a barrel and a high of $103.07 a barrel.
The July contract settled down 0.16% at $102.48 a barrel on
Nymex oil futures were likely to find support at $101.60 a
barrel, Thursday's low, and resistance at $103.69 a barrel,
The U.S. Labor Department reported earlier that the economy
added 217,000 in May, more or less in with expectations for a
218,000 increase, after a 282,000 rise in April, whose figure was
revised down from a previously estimated 288,000 gain.
The private sector added 216,000 jobs last month, exceeding
expectations for a 210,000 gain, which drew market applause.
The report also showed that the U.S. unemployment rate remained
unchanged at 6.3% last month compared to expectations for a rise to
While not earth-shattering, the jobs report pointed to an
economy that remains on the mend and is headed for better days,
Elsewhere, a European Central Bank decision to loosen policy
lifted oil prices by spurring hopes the European economy will
demand more energy and fuel once recovery picks up.
The European Central Bank on Thursday cut its benchmark interest
rate to a record-low 0.15% from 0.25%, cut its deposit rate to
-0.1% and said it will support the banking sector to spur lending
via targeted long-term credit injections.
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for July delivery were down 0.13% and trading at US$108.65
a barrel, while the spread between the Brent and U.S. crude
contracts stood at US$5.97 a barrel.
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new
Investing.com Stocks & Forex App