Oil holds above $112 after U.S. jobs data

Oil steadied above $112 per barrel on Friday after figures showed fewer people out of work in the United States, the world’s biggest oil consumer. Data from the United States this week suggested a nascent recovery, and further confirmation came on Friday from the non-farm payrolls which rose 114,000 in September, up from 96,000 in August.

By (Reuters)

Published: Fri 5 Oct 2012, 7:18 PM

Last updated: Tue 7 Apr 2015, 11:58 AM

The positive economic news countered a spate of gloomy data that had shown a turnaround in China may be delayed and that the euro zone is almost certainly heading into recession.

Brent futures was up a cent at $112.59 by 1242 GMT, having fallen over $1 a barrel in earlier trade to $111.48.

US crude futures eased 41 cents to $91.30 per barrel, after climbing nearly 4 percent in the prior session.

Crude futures had fallen 3-4 percent in a single, mid-week session on the figures from China, the world’s second-biggest oil consumer.

While the gloomy global economy has hurt the outlook for fuel demand, oil prices are getting support from continuing tensions in the Middle East.

Oil rose sharply on Thursday after Turkey stepped up its strikes against Syria and won parliamentary approval for further military action, pushing Brent prices up 4 percent.

The news amplified oil supply concerns after Iran’s exports dropped following sanctions from the United States and European Union on the Middle Eastern nation’s oil shipments.