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Crude prices rebound to seven-month high on bullish job data
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08:35, June 05, 2009

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Crude prices rebounded to a new seven-month high on Thursday after government data showed a drop in jobless claims, rekindling investors' hope for a more possibly economic recovery.

Light, sweet crude for July delivery jumped 2.69 U.S. dollars, or 4.07 percent, to settle at 68.81 dollars a barrel on the New York Mercantile Exchange, the highest close since early November. Contract price peaked at 69.60 dollars a barrel during the session,5.26 percent higher than the previous close.

According to the U.S. Department of Labor, the number of people filing for jobless benefits dropped for a third week in a row, signaling a possible stabilization in the job market.

Oil prices also got boost from Goldman Sachs's optimistic forecasts. The investment bank said in its report that an economic rebound, along with supply shrink due to OPEC production cut, could send crude to 85 dollars a barrel by the end of 2009 and to 95 dollars a barrel by the end of 2010.

In London, Brent crude for July settlement rose 2.56 dollars to68.44 dollars a barrel.


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