US crude rises $2.40 on weak job data

04 April 2008 22:18  [Source: ICIS news]

HOUSTON (ICIS news)--NYMEX light sweet crude futures for May delivery settled at $106.23/bbl, up $2.40 versus Thursday’s close, as investors switched to commodity markets amid new US unemployment statistics.

A much larger-than-forecast US unemployment figure released by the Labor Department validated the sentiment that the economy is heading into a recession and pressured the dollar.

After establishing an early low of $104.74/bbl, crude prices surged to establish a high of $106.35/bbl before retreating slightly on profit taking.

May ICE Brent also rose sharply, topping out at $105.08/bbl before settling at $104.90/bbl, up $2.38/bbl.

By: Ignacio Sotolongo
+1 713 525 2653

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