Encouraging US employment numbers: oil prices rise to a 9 week high

27-Dec-13

Oil on the Nymex for February traded at US$99.5 a barrel, the strongest level since October 22. Oil prices in USA rose to a nine-week high on Thursday, after latest numbers revealed that people who filed for unemployment assistance in USA last week fell more than expected- corroborating that the U.S. economy is strengthening. As per the U.S. Department of Labor, the number of individuals filing for initial jobless benefits declined to a seasonally adjusted 338,000 last week. Analysts had expected claims to fall by 35,000 to 345,000.