Oil Climbs as U.S. Jobs Data Alleviates Concern About Economy
- U.S. added 287,000 to payrolls in June, most in eight months
- Nation’s crude output fell 2.3% last week, EIA data showed
What Led to the Decline in Oil This Week?
This article is for subscribers only.
Oil rose after stronger U.S. payroll growth allayed concern that the economy of the world’s largest crude-consuming nation is slowing.
Futures climbed 0.6 percent in New York. America’s job market stirred to life in June as payrolls climbed by 287,000, the most since October, after a two-month lull. Oil tumbled 4.8 percent Thursday after government data showed U.S. crude stockpiles fell 2.2 million barrels last week, a smaller drop than forecasts and industry data suggested. The report showed U.S. production slumped to the lowest level since May 2014.