Oil Rebounds as US Payrolls Climb More Than Expected

Oil prices rebounded after US' employment increased more than expected in July. The front-month contract for WTI crude oil price recovered to around 86 in NY session after plummeting to 82.87, a level not seen since November 2010, in European session. The equivalent Brent crude contract also reversed losses after initially declining to a 5-week low of 104.3. Wall Street fluctuated between gains and losses after the report, signaling investors' lingering concerns over US' economic outlook despite better-than-expected payrolls.

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Oil Rebounds as US Payrolls Climb More Than Expected