Oil prices rise after strong jobs data

NEW YORK — Oil prices rose on Friday as strong US jobs report bolstered hopes for growing energy demand.

US total nonfarm payroll employment increased by 209,000 in July, well above market expectations, and the unemployment rate was little changed at 4.3 percent, according to the US Labor Department Friday.

Analysts said investors hope strong jobs data would help raise energy demand.

US fuel demand was already on the rise recently. The US Energy Information Administration said Wednesday the gasoline demand stood at a record high of 9.842 million barrels per day last week.

The West Texas Intermediate for September Delivery added USD0.55 to settle at USD49.58 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery gained USD0.41 to close at USD52.42 a barrel on the London ICE Futures Exchange. Xinhua/PNA – northboundasia.com