WTI oil price ends week at $83, lifted by US jobs data
BonTradeWTI oil prices close off another see-saw week’s trading back at $83 a barrel, lifted by the latest monthly US jobs data that saw America adding 103,000 jobs in September, a figure higher than expected.
WTI Oil Futures – Closing Price
US Light crude oil futures for November 2011 delivery ended the week’s trading session at $82.98 a barrel on the NYMEX, closing $4.22 higher than last week’s Friday close of $78.76 a barrel.
US Jobs Data
US employers added 103,000 workers in September, and August employment wasn’t as bad as first thought, indicating the economy is not getting worse but is not getting a lot better either, according to the jobs report released on Friday by the US Bureau of Labour Statistics.
Still, to show real economic growth, the US needs to add 125,000 to 150,000 jobs a month just to keep up with the growing labour force.
“It’s a case of good news and bad news. It was higher than forecast, but it’s not enough to make a dent in the unemployment rate.” said Andy Lipow, president of Lipow Oil Associates, which advises clients on the oil market.
Both Brent and WTI crude oil prices have tumbled in the last few weeks on worries about European debt, as investors fled from any assets that could see falling demand if the global economy slows.
The price of WTI oil fell under $75 a barrel on Tuesday, falling to the lowest level in more than a year and Friday’s oil price was more than 27 percent below the 2011 high of $113.96 reached on 5th May.
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WTI oil price ends week at $83, lifted by US jobs data
