Oil rises for a second day, US jobs data lifts

12-Aug-11
Positive data about US jobless benefit claims calmed investors, reducing some of the worries about the euro zone crisis, the US credit downgrade and weak economic data that weighed on markets over the past week. US jobless benefit claims fell to a four-month low last week. In London, ICE Brent crude for September rose to US$108. September crude on the Nymex moved up by almost three dollars to US$85.7. Oil trading volumes were strong for the sixth straight day as traders piled into riskier assets such as commodities and equities, and US stocks rose 4%.
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