Quantcast
Latest Stories

Oil higher in Asia after robust US jobs report



SINGAPORE – Oil was up in Asian trade Monday after an upbeat US jobs report bolstered confidence the US economic recovery is on track.

US stocks surged to record highs following the report, with the buoyant mood also lifting the oil markets because a strong US economy— the biggest in the world- will mean greater demand for crude and other energy products.

New York’s main contract, light sweet crude for delivery in June added 91 cents to $96.52 a barrel in mid-morning Asian trade and Brent North Sea crude for June delivery increased 67 cents to $104.86.

The US Labor Department on Friday reported the US economy added 165,000 jobs in April, and revised sharply upwards its numbers for the previous two months, helping to send the unemployment rate down to 7.5 percent.

The data offered a significantly brighter picture of the jobs situation than that for March.

“While still well short of the sort of numbers that would accelerate US growth and really push the unemployment rate meaningfully lower, it (the data) did suggest once again that the US recovery remains on track,” said Jason Hughes, head of sales trading at CMC Markets in Singapore.

Other analysts said tensions in the oil-producing Middle East region following Israeli air raids in Syria helped boost oil prices.

“Dealers are concerned that supply will be disrupted,” Kelly Teoh, market strategist at IG Markets in Singapore, told AFP. “I expect prices to remain at a higher level until some form of resolution is found.”

Israeli warplanes early Sunday hit three military sites outside the Syrian capital Damascus, the second such reported attack in 48 hours, prompting Syria’s government to warn that the regional situation was now “more dangerous”.

The raids reportedly targeted weapons bound for Lebanese group Hezbollah and raised new concerns of a conflict spillover.

Developments in the Middle East are closely watched by traders as the region is home to the world’s largest oil producers.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Asia , economy , oil , stocks , US

  • mamer2

    Headline should have read…,
    “Oil Higher in Asia After the Manipulators were Thru with it.!”



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Napoles surgery in Makati hospital successful
  • Save the queen? Aide takes fall for Enrile, Gigi Reyes
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • A first in a mall: Authentic Greek yogurt–made fresh in front of diners
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Banks allowed to use ‘cloud’
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Believe it or not: Filipinos love US more than Yanks
  • Marketplace