WTI crude oil price closes week higher, US jobs data supports

WTI crude oil futures closes Friday’s trading session higher over $94 a barrel supported by positive US jobs data as America’s unemployment rate hit a 6 month low and job gains in the prior 2 months were stronger than previously thought, adding fuel to stronger oil prices on higher demand in the US.

WTI Oil Futures – Closing Price

US Light crude oil futures for December 2011 delivery ended the week’s trading session at $94.45 a barrel on the NYMEX, trading 0.3 percent higher at close yesterday.

US WTI oil futures closed last week’s session (Friday 28th October) at $93.45 a barrel.

US Jobs Data

The US Department of Labor reported today that the number of initial claims for unemployment benefits slipped below the psychologically significant level of 400,000 last week, dropping 9,000 to 397,000.

The employment report on Friday was the latest data to suggest the US economy was gathering a bit of momentum and a further indication recession risks were fading.

For financial markets, the report was overshadowed by developments in Europe where rich nations appeared to back away from a plan to broaden a euro zone bailout fund and the Greek government teetered on the edge of collapse.

The US stock market ended 0.5 percent lower at 11983.24, but both US WTI, European Brent oil prices and the US dollar rose.

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WTI crude oil price closes week higher, US jobs data supports