Forexpros – Crude oil futures gained in U.S. trading on Friday, buoyed by solid unemployment data out of the U.S. coupled with relief that Greece avoided a messy default by restructuring its debts with private creditors.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in April traded at USD107.38 a barrel, up 0.75%.
The commodity hit an earlier session high of USD108.19 and a low of USD106.14.
In the U.S., the Bureau of Labor Statistics reported that the economy picked up a net 227,000 nonfarm payrolls in February, outpacing expectations for a gain of 215,000.
Meanwhile, the government revised January’s figures up to 284,000 from 243,000.
A stronger economy needs more oil and derivatives to grow, and news of an improving labor market sent commodity rising.
OPEC, meanwhile, trimmed its 2012 forecast for oil demand by 130,000 barrels a day to 88.63 million, the group said in its March oil report.
Meanwhile in Greece, news that Athens finally restructured its debts with private creditors and avoided a chaotic default supported oil as well, as did ongoing tensions in the Middle East.
The West continues to accuse Iran of developing a nuclear weapons program, a charge Tehran denies.
On the ICE Futures Exchange, Brent oil futures for April delivery were up 0.32% and trading at USD125.84 a barrel, up USD18.46 from its U.S. counterpart.
The gap in price between the two contracts is pushing toward the higher end of a range between a nearly USD20.00 all-time high and a historical spread of USD1.00.
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