Oil price rises after strong U.S. employment report

The Associated Press
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Finishes week with gain of 5.3 per cent

The price of oil rose again Friday on signs of a stronger job market in the U.S. and finished the week with a gain of more than 5 per cent.

Those gains are showing up at the gas pump. The average price of a gallon of gasoline in the U.S. rose 1 cent to $3.26, the first increase in 10 days.

Benchmark U.S. crude for January delivery rose 27 cents at $97.65 a barrel on the New York Mercantile Exchange. The increase for the week was $4.93 a barrel.

U.S. data showed the outlook for hiring is improving.

On Friday, the Labor Department said the U.S. unemployment rate in November fell to a five-year low of 7 per cent from 7.3 per cent in October. Employers added 203,000 jobs last month, many in higher-paying sectors such as manufacturing and construction.

The jobs report came after Thursday’s data from the Commerce Department showed that the U.S. economy grew at a 3.6 per cent annualized rate in July through September, the fastest since early 2012.

Brent crude, a benchmark for international oils, rose 63 cents to $111.61 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

• Wholesale gasoline rose 2 cents to $2.73 a gallon.

• Heating oil added 1 cent to $3.06 a gallon.

• Natural gas fell 2 cents to $4.11 per 1,000 cubic feet.

Organizations: New York Mercantile Exchange, Labor Department, Commerce Department Nymex

Geographic location: U.S.

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