Crude erases earlier gains stemming from surprising U.S. jobs data By Investing.com

Crude erases earlier gains stemming from surprising U.S. jobs data

CommoditiesDec 07, 2012 01:50PM ET

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Crude erases earlier gains stemming from surprising U.S. jobs data

Investing.com - Crude oil futures erased earlier gains in U.S. trading on Friday as investors sold for profits despite stronger-than-expected jobs data hitting the wire in the U.S.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in January traded at USD86.07 a barrel on Friday, down 0.22%, off from a session high of USD86.98 and up from an earlier session low of USD85.91.

Oil prices spiked after the U.S. earlier after the Bureau of Labor Statistics reported that the economy added a net 146,000 nonfarm payrolls in November, up from a downwardly revised 138,000 increase during the previous month.

The headline unemployment rate fell to 7.7% in November from 7.9% in October, surpassing market calls for the figure to remain unchanged.

Analysts were expecting the economy to add only 93,000, though Superstorm Sandy inflicted less damage to the broader labor market than anticipated for November.

A more robust economy will demand more fuels and energy going forward, though consumer sentiment data painted a picture of a U.S. economy still battling headwinds.

The University of Michigan reported that its preliminary index of consumer sentiment fell to a seasonally adjusted 74.5 for December from 82.7 in November.

Analysts had expected the index to fall only slightly to 82.4, dampening appetite for risk.

Gloomy news out of Europe kept oil prices at bay as well.

In Europe, Germany's Bundesbank slashed the country's 2013 growth forecast to 0.4% from a 1.6% prediction made in June.

The central bank added the German economy will grow 0.7% this year, down from its previous forecast of 1%.

Separately, official data revealed that industrial production in Germany contracted 2.6% in October, well beyond market calls for a 0.2% decline and off from a 1.3% decline the previous month.

Mixed data and dreary German growth forecasts sparked demand for the dollar, which tends to send commodities prices falling.

Meanwhile on the ICE Futures Exchange, Brent oil futures for January delivery were up 0.13% at USD107.17 a barrel, up USD21.10 from its U.S. counterpart.

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