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07 Mar 2016

Oil leaps on hopes of US demand

Oil leaps on hopes of US demand
US benchmark West Texas Intermediate (WTI) crude for April delivery jumped $1.35 to close at $35.92 a barrel on the New York Mercantile Exchange.

In London, North Sea Brent crude for May delivery, the European benchmark for oil, finished at $38.72 a barrel, up $1.65.

WTI crude gained about three dollars over the week with Brent advancing more than $3.50.

It was the second straight week of strong gains in oil markets, which had wallowed near 13-year lows below $30 a barrel in January.

"We are seeing a lot of investors coming back in and putting money back to work," Carl Larry of Frost & Sullivan told AFP.

On Friday, "we got a lift from the (US) jobs number," he said, referring to the closely watched Labor Department monthly employment report.

Job creation was much stronger than expected in February, and the unemployment rate held steady at 4.9 percent, an eight-year low.

The surprisingly robust jobs figures "underscored pretty decent economic growth," boosting the outlook for demand, said Kyle Cooper of IAF Advisors.

Some analysts cautioned that beneath the headline jobs number, details were less rosy, such as a modest slowdown in wage growth and a continued high number of part-time workers.

But from the oil market's perspective, that does not matter, said Larry. "Whether they are full-time or part-time, they are still workers being put to work."

The latest US oil rig count from Baker Hughes offered an indication that US crude output is being curtailed. The oilfield services company said the number of active rigs fell by 13 to 489, down 60 percent from a year ago. (Uu.A026)


Editor: Heppy Ratna


http://www.antaranews.com/berita/548587/harga-minyak-melonjak-didorong-harapan-permintaan-as



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