Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Oil up after robust US jobs report

06 May 2013, 15:44 AFP

Singapore - Oil was up in Asian trade on Monday after an upbeat US jobs report bolstered confidence the US economic recovery is on track.

US stocks surged to record highs following the report, with the buoyant mood also lifting the oil markets because a strong US economy - the biggest in the world - will mean greater demand for crude and other energy products.

New York's main contract, light sweet crude for delivery in June added 91 cents to $96.52 a barrel in mid-morning Asian trade and Brent North Sea crude for June delivery increased 67 cents to $104.86.

The US Labour Department on Friday reported the US economy added 165 000 jobs in April, and revised sharply upwards its numbers for the previous two months, helping to send the unemployment rate down to 7.5%.

The data offered a significantly brighter picture of the jobs situation than that for March.

"While still well short of the sort of numbers that would accelerate US growth and really push the unemployment rate meaningfully lower, it (the data) did suggest once again that the US recovery remains on track," said Jason Hughes, head of sales trading at CMC Markets in Singapore.

Other analysts said tensions in the oil-producing Middle East region following Israeli air raids in Syria helped boost oil prices.

"Dealers are concerned that supply will be disrupted," Kelly Teoh, market strategist at IG Markets in Singapore said. "I expect prices to remain at a higher level until some form of resolution is found."

Israeli warplanes early Sunday hit three military sites outside the Syrian capital Damascus, the second such reported attack in 48 hours, prompting Syria's government to warn that the regional situation was now "more dangerous".

The raids reportedly targeted weapons bound for Lebanese group Hezbollah and raised new concerns of a conflict spillover.

Developments in the Middle East are closely watched by traders as the region is home to the world's largest oil producers.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Wilson Ochieng
DP Ruto accuses Raila of selling ...

DP Wiliam Ruto has castigated Raila Odinga for seeking western support to fund his 2017 election bid. Read more...

Submitted by
William Korir
Peter Kenneth announces Uhuru 201...

Peter Kenneth has announced that he will support President Uhuru Kenyatta in the 2017 elections. Read more...

Submitted by
Wilon Ochieng
Labour Party to dump both Jubilee...

The Labour Party of Kenya is likely to avoid supportoing both the CORD and Jubilee factions during the 2017 General Elections. Read more...

Submitted by
William Korir
Ukambani MP quits Jubilee, to run...

An Ukambani MP has quit the Jubilee Party, citing voter apathy as his reason behind leaving the ruling coalition. Read more...

Submitted by
Victor Tinto
Government launches probe into Po...

The government has launched an inquiry into the circumstances that could have led to two National Police Service helicopter accidents in August and September this year. Read more...

Submitted by
Wilwon Ochieng
Deputy Governor's ally found with...

The EACC has recovered KES 2 million in fake currency from a close ally of Deputy Governor for Tharaka Nithi Eliud Mati. Read more...