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Oil inches higher as Asia digest U.S. jobs report

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Investing.com - Oil futures are trading slightly higher in the early part of Monday's Asian session as traders in the region take their turn digesting the dismal U.S. March jobs report delivered last Friday.

On the New York Mercantile Exchange, light, sweet crude futures for May delivery rose 0.11% to USD92.81 per barrel in Asian trading Monday after dropping 0.25% Friday to settle the week at USD93.02 a barrel.

Oil fell after the U.S. Department of Labor said the world's largest economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000. That report also showed that the unemployment rate ticked down to 7.6% from 7.7% in February, but that decline was by virtue of a plummeting rate of participation in the U.S. labor market.

The participation rate fell to 63.3%, the lowest level since 1979, indicating that some Americans are simply giving up on their job searches.

As the U.S. is the world's largest oil consumer, oil futures often take their cues from economic data there, particularly the jobs data. Speaking of economic data, traders will now turn their attention to China's CPI and PPI data due out later today. China is the world's second-largest oil consumer.

Elsewhere, South Sudan restarted oil production following a bitter 15-month spat with Sudan. South Sudan became an independent country in 2011 and has the ability to pump about 352,500 barrels per day.

Later this week, Chevron, the second-largest U.S. oil company will provide investors with an interim update on its quarterly results before reporting those results in full later this month. In 2012, Chevron had a reserve replacement ratio of 112%.

Meanwhile, Brent crude for May delivery added 0.10% to USD104.45 per barrel on the ICE Futures Exchange.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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