Oil price near $95 ahead of US jobs report

7 Jun

Oil rose modestly Friday ahead of the release of a key US jobs report that traders will examine for clues to the health of the US economy.

Benchmark oil for July delivery was up 14 cents to USD 94.90 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained USD 1.02 to finish at USD 94.76 a barrel Thursday.

The US Labor Department will release its employment report for May later in the day. A good result is expected, following a drop in jobless claims reported on Thursday.

Oil prices were also being supported by a weaker dollar and a bigger-than-expected drop in crude inventories reported by the US Energy Department and the American Petroleum Institute for the week ending May 31, said Matt Basi at CMC Markets in a commentary.

crude oil tips | natural gas tips

Brent crude, a benchmark for many international oil varieties, rose 17 cents to USD 103.78 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

Wholesale gasoline was steady at USD 2.851 a gallon.

Heating oil added 0.8 cent to USD 2.879 per gallon.

Natural gas dropped 0.8 cent to USD 3.819 per 1,000 cubic feet.

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One Response to “Oil price near $95 ahead of US jobs report”

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  1. Brent hovers near 10-week high, Fed meeting in focus | Trading Tips Expert - June 18, 2013

    […] oil market is also keeping an eye on a standoff over the civil war in Syria as world leaders lined up […]

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