Prices of oil climb ahead of US jobs report
April 5, 2014, 12:09 am TWN
AP--Oil prices climbed Friday ahead of a monthly U.S. jobs report that is expected to show a pickup in hiring.
Benchmark U.S. crude for May delivery was up 67 cents to US$100.96 a barrel at 0915 GMT in electronic trading on the New York Mercantile Exchange. The contract gained 67 cents Thursday to close at US$100.29.
Brent crude, used to set prices for international varieties of oil, rose 48 cents to US$106.63 a barrel on the ICE exchange in London.
In other energy futures trading in New York:
— Wholesale gasoline edged up 0.5 cent to US$2.916 a gallon.
— Natural gas fell 5.9 cents to US$4.411 per 1,000 cubic feet.
— Heating oil gained 1 cent to US$2.917 a gallon.
The U.S. Labor Department releases its March employment report later Friday and it is expected to show that hiring bouncing back after severe cold dented job creation during the winter. Analysts forecast that employers added 195,000 jobs last month, according to a survey by FactSet. That would be the highest total in four months and up from 175,000 in February.
More people in employment typically results in higher energy and fuel consumption.