skip to main content

Oil edges higher on US jobs figures

Oil prices - Mixed news on US employment front
Oil prices - Mixed news on US employment front

World oil prices edged higher today after mixed jobs data in the US.

New York's light sweet crude for August delivery gained just three cents to $72.98.

London Brent North Sea crude, also for August delivery, added a marginal four cents to $72.38 dollars.

Ahead of a US Independence Day public holiday on Monday, oil rose in value as traders digested a mixed June employment report showing the economy shed more jobs than expected and a surprise dip in the unemployment rate.

The US economy shed 125,000 jobs in June, after adding an upwardly revised 433,000 non-farm payrolls in May, official data showed. Most analysts had expected a loss of 100,000 jobs.

The unemployment rate fell to 9.5% from 9.7%, instead of the anticipated rise to 9.8%.