US crude futures rise $1.06/bbl on pre-weekend buying

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.

By Ignacio Sotolongo