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Brent Crude Up on Better-than-Expected US Nonfarm Payrolls

December 7, 2012 at 22:47 by Vladimir Vyun

Futures for Brent grade of crude oil gained today as US nonfarm payrolls were better than market analysts have anticipated. US employers added 146,000 in November, compared to the median estimate of 89,000. The unemployment rate unexpectedly dropped from 7.9 percent to 7.7 percent.

The US economy is not out of the woods yet as the threat of the fiscal cliff looms on the horizon. Europe is in trouble too and Germany’s Bundesbank added to concerns as it revised the growth forecast for the next year from 1.6 percent to just 0.4 percent. The negative factors held gains of Brent crude in check and pushed prices for WTI oil down.

January futures for delivery of Brent crude advanced $0.12 (0.11 percent) to $107.15 per barrel on ICE today. January contract for WTI oil went down $0.33 (0.38 percent) to $85.93 per barrel on NYMEX.

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