Oil extends rally after strong US jobs data

Read the original news 

Báo Đầu Tư English - 35 month(s) ago 1 readings

Oil extends rally after strong US jobs data

Oil prices rose further on Thursday following positive US employment data that offset disappointing data on third quarter growth in the United States the world's biggest energy consumer.

Oil prices rose further on Thursday following positive US employment data that offset disappointing data on third quarter growth in the United States the world's biggest energy consumer.

Oil prices rose further on Thursday following positive US employment data that offset disappointing data on third quarter growth in the United States -- the world's biggest energy consumer.

New York's main contract, light sweet crude for delivery in February, climbed 86 cents to $99.53 a barrel.

Brent North Sea crude for February added 18 cents to $107.89.

Weekly claims for US unemployment benefits fell to the lowest level since April 2008 last week, the Labor Department said Thursday, yet another sign that the jobs market is in recovery in the world's biggest economy.

The data was better than most economists expected, with claims of 364,000 last week versus the consensus estimate of 380,000.

However separate data showed that the US economy grew by a slower-than-thought 1.8 per cent in the third quarter as household spending dropped according to the Commerce Department.

Growth was down 0.2 percentage points versus the previous estimate and below economist expectations.

Oil prices were meanwhile rising for a fourth day in a row after strong gains on Wednesday, when official data showed that US crude inventories fell by far more than expected.

Meanwhile Iran's Fars news agency said the country will launch 10 days of naval drills around the Strait of Hormuz, a crucial oil shipping route, beginning Saturday.

"Our naval drill will begin from 24 December lasting 10 days covering east of Strait of Hormuz and the Gulf of Oman to the Gulf of Aden", navy commander Admiral Habibollah Sayari said.

"This is the first time that we are covering such large area", he added.

There is no comment

Please Sign up or Login to comment.

Top page