Oil prices up in Asia

BusinessOil prices up in Asia

SINGAPORE: Oil prices rose in Asian trade Monday as moderate growth in new jobs in the United States raised hopes about a pick-up in demand in the world’s biggest crude consumer, analysts said.

New York’s main contract, West Texas Intermediate for delivery in July, gained 12 cents to $96.15 a barrel and Brent North Sea crude for July added 10 cents to $104.66 in morning trade.

   

“At this moment, the crude market is driven by the positive sentiment about job creation in the United States, which points towards a growing economy,” Desmond Chua, market analyst at CMC Markets in Singapore, told.

US Labor Department figures released Friday showed 175,000 jobs were generated in May, despite worries that huge government spending cuts would lead to a slowdown in hiring.

The numbers for May were a firm gain from April’s 149,000 rise, though still below the 193,000-a-month January-April average.

The jobs data, which came after several lacklustre US economic reports last week, also boosted hopes the Fed will hold off any moves to rein in its monetary easing programme any time soon. AFP

Must read

Recent News

Modi’s India: Foreign Students beaten up at Gujarat University for offering prayer

0
Five foreign students were beaten up for offering prayer – a religious obligation – in Gujarat University in India’s western Ahmedabad City, an evident...

Double discrimination: Pakistani Dalits struggle for dignity in their land of birth

0
Members of Pakistan’s Scheduled Caste communities are making inroads in the country’s political landscape and being honoured at the highest levels. But without affirmative...

AUD to INR: Australian Dollar to Indian Rupee Today – 19 March 2024

0
The Australian Dollar (AUD) was trading at 54.06 as per the Indian Rupee (INR) on Tuesday. Currently, Indians are now the second-largest migrant group in...

USD to PKR: USD Dollar Rate in Pakistan Today – 19 March 2024

0
The US Dollar (USD) was being bought and sold at Rs 278.8 and Rs 281.4 in the Open Market against the Pakistani Rupee (PKR)...

Gold Price in Pakistan Today – 19 March 2024

0
On Tuesday (March 19, 2024), the gold rate for one tola of 24-karat in Karachi, Pakistan, is Rs 224,850.000. It's important to note that gold...
Advertisement