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Oil prices advance on upbeat job data

English.news.cn   2014-04-05 04:42:34

NEW YORK, April 4 (Xinhua) -- Oil prices gained Friday after a government report showed that U.S. employers increased payrolls in March.

U.S. total non-farm payroll employment added 192,000 in March, and the unemployment rate was unchanged at 6.7 percent, the Labor Department reported Friday.

The job data shows that the U.S. job market is improving, signaling fuel consumption may climb in the world's biggest oil- consuming country.

The Federal Reserve uses the jobs report to help determine the timing and pace of further cuts to its monthly bond-buying program.

Analysts believed that this jobs report will encourage the Fed to continue the reduction of stimulus program.

The market was optimistic about the reported talks currently underway between Libya's government and rebels and expecting several hundred thousand barrels of Libyan crude will soon flow to the international market. Libya is right on Europe's doorstep and it has more impact on Brent price.

Light, sweet crude for May delivery rose 85 cents to settle at 101.14 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery gained 57 cents to close at 106. 72 dollars a barrel.

Editor: Mu Xuequan
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