This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Oil Rises On Positive Sign For US Jobs

By The Associated Press

Oil rose the most in two weeks Thursday on a positive signal from the U.S. jobs market. Natural gas rose 3 percent as supplies dropped more than expected.

Benchmark oil for April delivery gained $1.13 to finish at $91.56 a barrel on the New York Mercantile Exchange. Natural gas futures jumped 11 cents to $3.58 per 1,000 cubic feet.

The four-week average for applications for unemployment benefits dropped last week to its lowest level in five years, the Labor Department said Thursday. A government report Friday is expected to show that employers in the U.S., the biggest consumer of oil and petroleum products, added 152,000 jobs last month.

Some support for crude came from a weaker dollar, which makes oil cheaper and a more enticing investment for traders using other currencies. On Thursday, the euro was up to $1.3110 from $1.2974 late Wednesday in New York.

Oil is still down about 6 percent over the past three weeks, a drop that has been showing up at the gas pump. The average price for a gallon of gasoline is now $3.72 after falling 6 cents in the past week. That's given drivers some relief after pump prices spiked around 50 cents from Jan. 1 to the end of February.

Meanwhile the Energy Department's Energy Information Administration reported that natural gas in storage shrank by 146 billion cubic feet to 2.083 trillion cubic feet in the week ended March 1. Analysts expected a draw of 130 billion to 134 billion cubic feet. Natural gas supplies are now 15 percent below year-ago levels, a sign that the U.S. is whittling away at a surplus that pushed natural gas prices down to decade lows a year earlier.

Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 9 cents at $111.15 a barrel on the ICE Futures exchange in London.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs