Oil was up in Asian trade today after an upbeat US jobs report bolstered confidence the US economic recovery is on track. US stocks surged to record highs following the report, with the buoyant mood also lifting the oil markets because a strong US economy, the biggest in the world, will mean greater demand for crude and other energy products. New York's main contract, light sweet crude for delivery in June added 91 cents to 96.52 dollar a barrel in mid-morning Asian trade and Brent North Sea crude for June delivery increased 67 cents to 104.86 dollar.
News On AIR | May 6, 2013 10:31 AM
Oil up in Asian trade