According to Bloomberg, "Crude Oil traded near $81 a barrel after rising yesterday as reports showed improvement in the U.S. job market and refineries operated at the highest level since October in the world’s biggest energy consumer."
Oil climbed to a seven-week high yesterday as service industries in the U.S. accelerated in February more than anticipated, indicating the economic expansion may soon create jobs following the worst employment slump in the post-World War II era. Inventories of crude oil climbed 4.03 million barrels and refinery utilization increased 0.7 percentage point in the U.S. last week, according to the Energy Department.
Crude Future for April delivery traded at $80.83 a barrel, down 4 cents, in electronic trading on the New York Mercantile Exchange at 8:42 a.m. Singapore time. Yesterday, the contract increased $1.19, or 1.5 percent, to $80.87, the highest settlement since Jan. 11.
Oil also advanced as the dollar weakened, increasing the investment appeal of commodities. The currency rose after Greece approved an additional 4.8 billion euros ($6.6 billion) of deficit cuts. The dollar traded at $1.3690 per euro at 11:18 a.m. Sydney time, from $1.3697 yesterday...
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Source: CNBC
Source: Bloomberg
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