U.S. Job Data Pushes Crude Oil Above $81/Barrel (SCO, DBO)
March 05, 2010 5:15 PM
The Wall Street Journal reports that crude oil futures crossed $81/barrel, after job data reports showed that fewer job cuts happened in February than expected.
The Labor Department said Friday that nonfarm payrolls fell by 36,000 in February, compared with expectations for a fall of 75,000 by economists polled by Dow Jones. The unemployment rate also remained unchanged at 9.7%. This has boosted investor confidence in the economic recovery, as it indicates that future oil demand may rise.
Light, sweet crude for April delivery recently traded 87 cents, or 1.1%, higher at $81.08 a barrel on the New York Mercantile Exchange. The ProShares UltraShort DJ-UBS Crude Oil (ETF) (NYSE: SCO) closed at $12.73, while the PowerShares DB Oil Fund (ETF) (NYSE: DBO) closed at $27.75, on Friday.
