10 January 2014 20:37 [Source: ICIS news]
HOUSTON (ICIS)--NYMEX light sweet crude for February delivery settled at $92.72/bbl, up $1.06, on Friday after posting losses in seven of the last eight sessions.
In the currency markets, a weaker dollar also provided underlying support.
The gains, however, were kept in check by lacklustre job growth revealed by a weaker-than-expected payrolls report despite the fact that the unemployment rate fell to 6.7%.
Crude prices had been sliding since the release on Wednesday of the weekly supply statistics from Energy Information Administration (EIA) showing a build in crude inventories at the Cushing, Oklahoma, NYMEX delivery hub, overshadowing a substantial crude drawdown in other regions.
After rising on reports of problems in North Sea oil production, front month West Texas Intermediate (WTI) established an intra-day high of $93.38/bbl, up $1.72, before retreating.
ICE Brent for February delivery topped out at $107.30/bbl before settling at $107.25/bbl, up 86 cents.
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