Oil prices settled higher today for the third consecutive session after US jobs data eased demand concerns and war in the Middle East helped prices recover from Mondays 8-month lows. “The latest U.S. data on jobless claims indicates still a growing U.S. economy, reducing some of the oil demand concerns,” UBS analyst Giovanni Staunovo said. Analysts at Citi are saying there is a possibility of a bounce in prices to the low-to-mid $80s for Brent. Also lending some support, Libya’s National Oil Corp. declared force majeure at its Sharara oilfield from Tuesday, a statement said, adding that the company had gradually reduced the field’s production because of protests. WTI traded up $0.96 or 1.28% to close at $76.19. Brent traded up $0.83 or 1.06% to close at $79.16.
