NYMEX WTI extends gains on falling US unemployment and firm stocks

03 May 2013 16:45  [Source: ICIS news]

LONDON (ICIS)--Crude oil futures extend gains on Friday, supported by falling unemployment in the US and firmer stock markets.

By 15:10 GMT, the front-month June NYMEX WTI contract touched an intra-day high at $96.04/bbl (€73.95/bbl), a gain of $2.05/bbl compared to the previous settlement. The contract then edged lower to trade around $95.85/bbl.

At the same time, the front-month June ICE Brent contract was trading around $104.70/bbl, having touched an intra-day high at $104.84/bbl, a gain of $1.99/bbl compared to the previous close.

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

Prices also found support from firmer stock markets, with the FTSE100, CAC40 and Dax bourses all trading firmly above Thursday’s settlement.

($1 = €0.77)


By: Kawai Wong
+44 20 8652 3214



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