Oil prices rise ahead of US jobs report

Glenn Kessler, left, works with fellow traders on the floor of the New York Stock Exchange Friday, March 7, 2014. Stocks were wavering between small gains and losses early Friday after the government reported a pickup in hiring last month as well as a slight increase in the unemployment rate as more people started looking for work. (AP Photo/Richard Drew)
Copyright 2014, The Associated Press

Oil prices climbed Friday ahead of a monthly U.S. jobs report that is expected to show a pickup in hiring.

Benchmark U.S. crude for May delivery was up 67 cents to $100.96 a barrel at 0915 GMT in electronic trading on the New York Mercantile Exchange. The contract gained 67 cents Thursday to close at $100.29.

The U.S. Labor Department releases its March employment report later Friday and it is expected to show that hiring bouncing back after severe cold dented job creation during the winter. Analysts forecast that employers added 195,000 jobs last month, according to a survey by FactSet. That would be the highest total in four months and up from 175,000 in February.

More people in employment typically results in higher energy and fuel consumption.

Brent crude, used to set prices for international varieties of oil, rose 48 cents to $106.63 a barrel on the ICE exchange in London.

 


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs