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Oil gains on hopes of fewer job losses in the US in April

Oil gains on hopes of fewer job losses in the US in April
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First Published: Fri, May 08 2009. 09 49 PM IST
Updated: Fri, May 08 2009. 09 49 PM IST
London: Crude oil rose for a third day in New York, heading for the biggest weekly gain since March, before a report forecast to show that the US cut fewer jobs in April.
Oil prices are up 8.8% this week after economic data indicated the worst of the global recession may be coming to an end. The payroll report due on Friday at 8.30am in Washington will show a loss of 600,000 jobs last month, down from 663,000 in March, a Bloomberg survey showed. Asian and European equities rose, extending the week’s gain to 4.5%.
“As increasing risk appetite pushes equity markets higher, sentiment in the oil market has become quite optimistic,” said Eliane Tanner of Credit Suisse Group AG in Zurich. “The momentum could take us to $60 (Rs2,958 now), but we’re sceptical about the short-term fundamentals while US demand remains so weak.”
Crude oil for June delivery rose 2.8% to $58.29 a barrel in electronic trading on the New York Mercantile Exchange, and was at $57.89 at 1.16pm London time. Oil, poised for the largest gain since the week ended 20 March, is up 30% this year. On Thursday, oil closed at $56.71.
Christian Schmollinger in Singapore contributed to this story.
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First Published: Fri, May 08 2009. 09 49 PM IST