Oil Rises as Solid US Jobs Data Pushes Algos to Drop Short Bets

Oil rose as stronger-than-expected US jobs data eased concerns about an economic slowdown that would crimp demand, spurring algorithmic traders to reduce short positions.

West Texas Intermediate climbed almost 2% to settle above $64 a barrel, notching the largest weekly gain since November. Crude followed equities higher after US job growth in May narrowly surpassed economist forecasts, allaying concerns of near-term demand deterioration. The figures also pushed economy-sensitive diesel futures to a two-week high.