Crude oil rises for third consecutive day, climbs to 30 month high

05-Apr-11

Crude oil for May delivery rose to US$108.78 in electronic trading on the Nymex while Brent for May settlement rose to US$119.7 on ICE Futures Europe exchange in London. Crude oil futures has risen for a third consecutive day in electronic trading in New York on Monday, climbing to a 30 month peak, on a combination of supply disruptions from the Middle-East amid strong US demand. A government report showed that US employers added more jobs than forecast last month. Payrolls increased by 216,000 in March compared with a 190,000 gain projected by economists. The jobless rate dropped to 8.8% from 8.9%, the fourth straight decrease. Comments from Iran's oil minister that there was no need for OPEC to hold an extraordinary meeting to address high oil prices also supported sentiment.