WTI Oil Rises to Cap Biggest Weekly Gain in a Month
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West Texas Intermediate crude rose after U.S. employers added more jobs than planned, signaling climbing fuel demand, while Brent oil fell to the lowest level of 2013 on increasing flows in a North Sea pipeline.
Futures capped the biggest weekly gain in a month as the Labor Department said that the jobless rate fell to a five-year low of 7.7 percent in February. The Brent Pipeline System is “approaching” its targeted flow rate of 80,000 barrels a day, an official for Abu Dhabi National Energy Co., or Taqa, said by phone. A leak shut the link shut for five days on March 2. WTI fell earlier as the dollar reached a 2013 high against the euro. WTI open interest rose to a record for a fifth time yesterday.