Share “Price of oil closes at $96 Friday”

Price of oil closes at $96 Friday

The price is a good sign for fuel demand.
By The Associated Press Modified: June 7, 2013 at 9:37 pm •  Published: June 8, 2013
Advertisement

In brief

Oil rises above $96

The price of oil closed above $96 Friday, after the government said the economy added 175,000 last month, a good sign for fuel demand.

Benchmark oil for July delivery gained $1.27, or 1.3 percent, to finish at $96.03 a barrel. Oil ended the week with a gain of 4.4 percent.

The oil market's initial reaction to the report from the Labor Department was negative. Oil fell as low as $93.72 a barrel. But the stock market gave the jobs numbers a thumbs-up, rising about 1 percent in early trading, and oil took off from there.

The job growth in May was at a steady pace that showed strength in the face of tax increases and government spending cuts. But the unemployment rate rose to 7.6 percent from 7.5 percent in April. That's because more people began looking for work. Only about three-quarters found jobs.

Analysts do not expect that the jobs growth will be strong enough to convince the Federal Reserve to pull back on the economic stimulus currently in place.

Associated Press

AROUND THE WEB

  1. 1
    Pope to say D.C. Mass in Spanish in bow to 'Hispanic population'
  2. 2
    Man pleads guilty in Stillwater near-beheading case
  3. 3
    Google unveils new logo with emphasis on apps, devices
  4. 4
    Woman arrested after reportedly hitting Oklahoma restaurant employee with beer bottle
  5. 5
    RGIII blames intern for liking Instagram post critical of Daniel Snyder
+ show more

FEATURED JOBS



× Trending energy Article