Investing.com - An upbeat U.S. April jobs report coupled with fears the Ukraine crisis will escalate and threaten Russian crude exports sent oil futures rising on Friday.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June traded at $99.82 a barrel during U.S. trading, up 0.40%. New York-traded oil futures hit a session low of $99.19 a barrel and a high of $100.13 a barrel.
The June contract settled down 0.32% at $99.42 a barrel on Thursday.
Nymex oil futures were likely to find support at $98.75 a barrel, Thursday's low, and resistance at $100.59 a barrel, Wednesday's high.
The Labor Department reported earlier that the U.S. economy added 288,000 jobs in April, beating expectations for a 210,000 increase. March's figure was revised up to a 203,000 rise from a previously estimated 192,000 gain.
The private sector added 273,000 last month, more than an expected 210,000 increase. In March, the number of private sector jobs was revised up to a 202,000 increase a previously estimated 192,000 rise.
The report also showed that the U.S. unemployment rate fell to 6.3% in April, from 6.7% the previous month, compared to expectations for a fall 6.6%.
Separately, data showed that U.S. factory orders rose 1.1% in March, less than the expected 1.4% gain, after a 1.5% rise in February, whose figure was revised down from a previously estimated 1.6% increase.
The data boosted oil prices on hopes the economy will continue to recover and demand more energy and fuel going forward.
Geopolitical concerns supported the commodity as well.
The U.N. Security Council was set to discuss the Ukraine crisis on Friday, while separately, U.S. President Barack Obama threatened to slap fresh sanctions on Russia if Moscow disrupts Ukrainian elections scheduled for May 25.
Ukraine's army and pro-Russian rebels continued to skirmish, stoking fears that the crisis will develop and threaten shipments out of Russia, the world's second-largest exporter of crude.
Capping gains, however, were ongoing anticipations for Libya to increase exports.
Libyan government officials and rebels reached an agreement to re-open oil ports in recent weeks, and expectations for crude to begin flowing sent investors bracing for increased global supply.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for June delivery were up 0.85%, trading at US$108.68 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$8.86 a barrel.