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Oil Gains on US Nonfarm Payrolls

June 7, 2013 at 21:21 by Vladimir Vyun

Crude oil rallied today after employment data from the United States was released. US nonfarm payrolls increased by 175,000 in May, beating the forecast of 167,000. Yet not all news was good. The April reading was revised down from 165,000 to 149,000. Moreover, the unemployment rate unexpectedly ticked up by 0.1 percentage point to 7.6 percent.

Truth be told, the data was not good, but rather mixed straightly speaking. Yet the dollar dropped after the report. This propped oil prices up.

July futures for WTI crude oil jumped as much as $1.44 (1.52 percent) to $96.20 per barrel on NYMEX today. Contract for Brent crude advanced $1.13 (1.09 percent) to $104.74 per barrel on ICE.

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