Oil breached USD 82 a barrel in Asian trade on Monday, extending last week's rally on a better-than-expected US jobs report, analysts said. New York's main contract, light sweet crude for delivery in April, added 47 cents to USD 81.97 a barrel. It struck an intra-day high of USD 82.04 a barrel before easing. London's Brent North Sea crude for April was up 47 cents to USD 80.36 a barrel."The unemployment rate last Friday in the US was positive, so the market is optimistic and investors are more willing to take risks," said Tetsu Emori, a fund manager at Astmax asset management in Tokyo.He added that the market was likely to see an upward trend in oil prices in the short term, supported by upbeat investor sentiment about energy demand due to the growing pace of the US economic recovery. The United States is the world's biggest energy consuming nation and improving demand in the country tends to push prices higher.
News On AIR | March 8, 2010 4:01 PM
Oil breaches USD 82 on US jobs data