Oil Rises After Strong US Employment Report


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 percent.

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 percent, from 7.3 percent in October. Employers added 203,000 jobs last month, many in higher-paying sectors like 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 percent 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.

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