That oil prices The US jobs market continued to rise this Friday after better-than-expected data, reassuring traders on the health of crude oil demand. A barrel of Brent from the North Sea for delivery in London in September rose by 2.26% to $107.02. Meanwhile, the West Texas Intermediate (STI) for August in New York was up 2.00% to $104.79.
“Prices rose after the jobs report showed the (US) economy is resilient,” Oanda’s Edward Moya said in a research note. “Growth concerns may have been overblown as the oil market will be under stress,” he added.
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The United States added many more jobs Higher than expected in June and wages rose, according to official data released on Friday, good news for workers labour market which in turn fuels fears of further inflation and – on the financial market – of rate hikes by the US Federal Reserve.
The Labor Department said 372,000 new jobs were added this month, far more than the 250,000 expected by analysts.
“There is a correlation (between job creation) and continued strong demand for gasoline,” said John Kilduff of Again Capital. The people who have work they use their vehicles more and their wages give them purchasing power.
According to the report, average hourly wages rose 10 cents, or 0.3%, to $32.08, or 5.1%, over the last 12 months.