Oil Rises From Three-Week Low as U.S. Hiring Exceeds Forecasts
This article is for subscribers only.
Oil rebounded from the lowest close in almost three weeks in New York as payrolls climbed more than forecast in July in the U.S., the world’s largest consumer of crude.
Futures rose as much as 1.5 percent, trimming a second weekly decline. U.S. payrolls increased 163,000, Labor Department figures showed today in Washington. The median estimate of 89 economists surveyed by Bloomberg News called for a gain of 100,000. Tropical Storm Ernesto moved into the eastern Caribbean, the U.S. National Hurricane Center said. Oil fell 2 percent yesterday after the European Central Bank failed to assure investors it was ready to take immediate steps to support the economy.