Oil rises on better-than-expected labor data

08:19, October 09, 2009      

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Crude prices rose 3 percent on Thursday as data showed a sign of stabilization in the labor market.

Light, sweet crude for November delivery gained 2.12 U.S. dollars to settle at 71.69 dollars a barrel on the New York Mercantile Exchange.

Oil's advance was supported by a report from U.S. Labor Department which showed that the number of newly laid-off workers filing first-time claims for jobless benefits fell to the lowest level since early January, the fourth drop in five weeks, signaling the labor market was slowly healing.

Adding to the gains were the fact that the dollar fell broadly against a basket of major currencies, boosting demand for the commodity to hedge against inflation.

In London, Brent Crude for November delivery added 2.57 dollars, or 3.8 percent, to settle at 69.77 dollars a barrel on the ICE Futures exchange.

Source: Xinhua
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