Investing.com - " Crude oil prices rose in early Asian trade on
Monday on the demand outlook following better than expected U.S.
jobs data last week and solid industrial output in China reported
for October at the weekend as well as September Japanese current
account data today.
On the New York Mercantile Exchange in electronic trading, light
sweet crude futures for delivery in December rose to USD94.71a
barrel, up 0.11%, after settling at USD94.60 a barrel on Friday.
The Department of Labor said the U.S. economy added 204,000 jobs in
October, much more than the 125,000 increase forecast by
economists. September's figure was revised up to 163,000 from a
previously reported 148,000.
The report came one day after official data showed that the U.S.
economy grew at an annual rate of 2.8% in the three months to
September, well above expectations for growth of 2%.
The robust data eased concerns over a slowdown in demand from the
world's largest oil consumer, particularly in light of high stock
levels as refiners shut for seasonal maintenance.
Total U.S. crude oil inventories stood at 385.4 million barrels as
of last week, the highest since June.
In Asia on Monday, Japan said its September current account balance
came to a surplus of JPY587.3 billion in September, well above
expectations of JPY400 billion and marking an eighth straight month
of surplus as a weaker yen boosts exports.
The data follows weekend numbers out of China showing industrial
output rose 10.3% year-on-year in October, up from a 10.2% gain in
Crude's gains however are tempered by U.S. dollar strength on
expectations that the Federal Reserve will begin tapering its USD85
billion-a-month asset purchase program as soon as next month.
On the ICE Futures Exchange in London, Brent oil futures for
December delivery rallied 1.6% on Friday to settle the week at
USD105.12 a barrel.
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