Crude oil futures gain on falling US unemployment in April

03 May 2013 13:55  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures surged on Friday after the US posted data showing falling unemployment in April.

By 12:41 GMT, the front-month June ICE Brent contract touched an intra-day high at $104.64/bbl, a gain of $1.79/bbl compared to the previous settlement. The contract then edged lower to trade around $104.15/bbl.

At the same time, the front-month June NYMEX WTI contract was trading around $95.20/bbl, having touched an intra-day high at $95.66/bbl, a gain of $1.67/bbl compared to the previous settlement.

The US economy added 165,000 jobs in April, according to the US department of Labor. The official unemployment rate fell to 7.50% from 7.60%. Additionally, it reported hiring in February and March were revised upwards indicating the US economy remains on track for positive growth.


By: Kawai Wong
+44 20 8652 3214



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