Sharp rally in oil prices as upbeat details in US jobs report suggests modest economic growth

10-Feb-14

The benchmark US futures contract, West Texas Intermediate for delivery in March, spiked by over two dollars to close at $US99.88 a barrel on the Nymex. Brent North Sea crude for March alsorallied by over two dollars to settle at $US109.57 a barrel. Both contracts rose to their highest levels of the year, as the market shrugs off a disappointing US jobs report, while focusing on upbeat details in the report suggesting modest economic growth. The Labor Department, for the second consecutive month reported disappointing jobs growth numbers for the world's largest consumer of crude oil.