Crude futures rise as investors await US nonfarm payrolls data

10 January 2014 12:31 Source:ICIS News

LONDON (ICIS)--NYMEX light sweet crude futures gained more than $1.00/bbl on Friday to take the front month NYMEX contract above $92/bbl as investors await US non-farm payrolls data.

By 11.00 GMT, February NYMEX crude had hit a high of $92.73/bbl, a gain of $1.07/bbl from the previous day's close of $91.66/bbl, before easing back to around $92.62/bbl.

At the same time, February Brent crude on ICE Futures was trading around $106.98/bbl, having hit a high of $107.20/bbl, a gain of 81cents/bbl from the previous close of $106.39/bbl.

The US Labor Department will release non-farm payrolls data on Friday, which could provide more clues on whether the Federal Reserve will move to further taper its bond buying programme.

On Thursday, US government data showed jobless claims fell more than expected in the week ended 4 January. The U.S. Labor Department said first-time unemployment benefits filing amounted to 330,000, down from 345,000 the previous week.

Meanwhile, oil markets were also supported by Chinese trade data released earlier on Friday which showed crude imports rose by 13% in December to a record 6.31m bbl/day.

By Cuckoo James