WTI Crude Gains a Second Day as Payrolls Damp Fed Speculation

West Texas Intermediate rose for a second day after slower-than-estimated growth in U.S. payrolls eased speculation the Federal Reserve will further curtail economic stimulus in the world’s biggest oil consumer.

Futures gained as much as 0.2 percent in New York. U.S. employers hired the fewest workers since January 2011 last month, a Jan. 10 Labor Department report showed, with payrolls rising 74,000, trailing the median forecast in a Bloomberg News survey for an 197,000 increase. Iran will curtail its nuclear program and permit more intrusive inspections beginning Jan. 20 under the terms of an agreement reached with world powers, President Barack Obama said yesterday.

WTI for February delivery was at $92.81 a barrel, up 9 cents, in electronic trading on the New York Mercantile Exchange at 11:05 a.m. Sydney time. The contract rose 1.2 percent to $92.72 on Jan. 10. The volume of all futures traded was about 29 percent below the 100-day average.

Brent for February settlement climbed as much as 39 cents, or 0.4 percent, to $107.64 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $14.79 to WTI. It ended the session at $14.53 on Jan. 10.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

To contact the editor responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net

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