Oil prices see modest gains after sharp losses due to high supplies and weak U.S. employment numbers

08-Apr-13

Oil on the Nymex for May delivery inched up to US$92.8 a barrel at midday Bangkok time , after falling by over 50 cents to US $92.7 at the end of last week. Oil price rose modestly after sharp losses due to high supplies and weak U.S. employment figures. Brent Crude, which sets the price of oil used by many U.S. refineries to make gasoline, rose to US$104.6. The Labor Department reported an addition of 88,000 jobs in March, the fewest in nine months. U.S. Energy Department last week reported that crude in storage was at its highest level since 1990 even though refiners had begun to ramp up gasoline production to get ready for the summer driving season. Oil price fell after a weak jobs report cast doubt on the strength of the U.S. economy.