On Mobile? Click here to download the PDF
Oil prices rose today after better-than-expected payroll numbers spurred hopes of a robust US economy. Broader U.S. employment data for February beat expectations with nonfarm payrolls rising by 311,000, compared with analysts’ expectation of 205,000 jobs added. Financial markets also tanked today, hitting two-month lows. U.S. oil rigs fell by 2 to 590 this week, their lowest since June, according to data from Baker Hughes. Money managers cut their net long U.S. crude futures and options positions in the week to Feb. 21, the U.S. Commodity Futures Trading Commission (CFTC) said. WTI traded up $0.96 or 1.3% to close at $76.68. Brent traded up $1.19 or 1.5% to close at $82.78.