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Oil up but still below $100 after US jobs data

Published on NewsOK Modified: May 2, 2014 at 8:54 am •  Published: May 2, 2014

The price of oil rebounded slightly Friday while staying below $100 a barrel on a big jump of new jobs in the U.S. and as Ukraine launched an offensive against pro-Russia forces in the country's east.

By mid-afternoon in Europe, benchmark U.S. crude oil for June delivery was up 30 cents to $99.72 a barrel on the New York Mercantile Exchange. On Thursday, the Nymex contract dropped 32 cents to settle at $99.42.

Prices fell below $100 earlier in the week, mostly on a surge in U.S. supplies of crude oil, which rose by 1.7 million barrels last week to a record 399.4 million barrels, according to Wednesday's data from the Energy Department.

Brent crude, an international oil benchmark, was up 59 cents Friday to $108.35 on the ICE Futures exchange in London.

The Labor Department said U.S employers added 288,000 jobs in April, the most in two years, and the unemployment rate fell to 6.3 percent, its lowest level since September 2008.

"The report may represent some catch-up from the hit the economy apparently took over the brutal winter months," said the Kilduff Report edited by Michael Fitzpatrick.

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