Oil price sees modest gains before release of US jobs report

10-Jun-13

The price of oil saw modest gains on Friday just before release of a key U.S. jobs report that will indicate the health of the U.S. economy. Benchmark oil on the Nymex for July delivery rose to US$95.2 a barrel, after rising by a dollar on Thursday. Brent crude rose by almost a dollar to US$104.5. The U.S. Labor Department will release its employment report for May, wherein analysts expect an increase of 165,000 jobs. These numbers could reflect the rate at which the Federal Reserve starts reining in its monetary policy.