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U.S. oil price climbs on hopes of economy recovery

English.news.cn   2014-02-11 05:45:20

NEW YORK, Feb. 10 (Xinhua) -- U.S. oil price rose Monday as traders expected that U.S. economy could maintain sustainable growth.

Labor market news boosted the positive economic outlook for the United States, the world's biggest oil consumer.

Total nonfarm payroll employment increased by 113,000 in January, falling short of economists' estimates, the U.S. Labor Department said on Friday.

However, investors found encouraging signs that job creation grew in key sectors such as manufacturing and construction and believed the world's largest economy is still strengthening overall.

The unemployment rate in the month dropped slightly to 6.6 percent from 6.7 percent in the preceding month, the lowest rate since the financial crisis of 2008, matching market expectations.

U.S. crude price is also supported by the cold weather in the country, as the consumption of heating oil is expected to surge.

The fuel inventories of the United States, which includes heating oil and diesel fell in recent weeks, according to the Energy Information Administration.

Light, sweet crude for March delivery moved up 18 cents to settle at 100.06 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery lost 94 cents to close at 108.63 dollars a barrel.

Editor: Mu Xuequan
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