Investing.com - Oil prices rose on Friday after the U.S. government reported the world's largest economy picked up more nonfarm payrolls than expected in May.
On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded up 1.54% at USD96.22 a barrel on Friday, off from a session high of USD96.38 and up from an earlier session low of USD93.75.
The Bureau of Labor Statistics said the U.S. economy added 175,000 jobs in May, beating expectations for an increase of 170,000, after 149,000 jobs were created the previous month.
The headline U.S. unemployment rate ticked up to 7.6% last month, from 7.5% in April, and even though analysts were expecting the unemployment rate to remain unchanged, energy markets applauded the data under the assumption the U.S. economy continues to recover and will demand more fuels and energy going forward.
Elsewhere, official data revealed that German industrial production rose 1.8% in April, beating expectations for a 0.2% decline and after a 1.2% increase the previous month, which pushed up oil prices even more.
Supply data released on Wednesday continued to support the commodity as well.
The U.S. Energy Information Administration said in its weekly report on Wednesday that U.S. crude oil inventories fell by 6.3 million barrels in the week ended May 31, shooting way past expectations for a decline of 356,000 barrels.
Total U.S. crude oil inventories stood at 391.3 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 366,000 barrels, compared to expectations for an increase of 522,000 barrels.
On the ICE Futures Exchange, Brent oil futures for July delivery were up 1.05% at USD104.70 a barrel, up USD8.48 from its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded up 1.54% at USD96.22 a barrel on Friday, off from a session high of USD96.38 and up from an earlier session low of USD93.75.
The Bureau of Labor Statistics said the U.S. economy added 175,000 jobs in May, beating expectations for an increase of 170,000, after 149,000 jobs were created the previous month.
The headline U.S. unemployment rate ticked up to 7.6% last month, from 7.5% in April, and even though analysts were expecting the unemployment rate to remain unchanged, energy markets applauded the data under the assumption the U.S. economy continues to recover and will demand more fuels and energy going forward.
Elsewhere, official data revealed that German industrial production rose 1.8% in April, beating expectations for a 0.2% decline and after a 1.2% increase the previous month, which pushed up oil prices even more.
Supply data released on Wednesday continued to support the commodity as well.
The U.S. Energy Information Administration said in its weekly report on Wednesday that U.S. crude oil inventories fell by 6.3 million barrels in the week ended May 31, shooting way past expectations for a decline of 356,000 barrels.
Total U.S. crude oil inventories stood at 391.3 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 366,000 barrels, compared to expectations for an increase of 522,000 barrels.
On the ICE Futures Exchange, Brent oil futures for July delivery were up 1.05% at USD104.70 a barrel, up USD8.48 from its U.S. counterpart.