The price of oil climbed again today as a better than expected US jobs report pointed to growth and a rising demand for energy this year.
Benchmark crude for June delivery was up $1.61 to $95.60 a barrel on the New York Mercantile Exchange.
Brent crude was up $1.75 to $104.60 per barrel on the ICE Futures exchange in London.
Oil prices jumped after the US Labor Department said that employers added a solid 165,000 jobs in April - and far more in February and March than first thought.
Jobs growth in April drove down the unemployment rate to a four-year low of 7.5% and sent a reassuring sign that the US jobs market is improving.
US oil started the week around $93 a barrel, and, after a brief retreat below $91 at midweek, kept pushing higher.
Crude rose sharply yesterday after the European Central Bank cut its key interest rate to a new low and weekly US unemployment benefit claims dropped. The Nymex contract rose 3.3%, its biggest one-day gain since November.
Oil is getting support from a weaker dollar as well. Because oil is bought and sold in dollars, it becomes attractive to investors with foreign currency when the dollar falls in currency trade.
