Crude oil will likely be range-bound as Brent crude fell after the North Sea pipeline was restored and WTI crude gain on bullish employment data. Brent crude dropped to $110.77 a barrel, while NYMEX crude quoted at $91.34. The price of oil eased slightly Friday, reflecting caution as investors wait for the latest U.S. employment figures. Oil pushed higher by the release of data showing a drop in applications for unemployment benefits in the U.S.
The U.S. Commerce Department will release jobs data for February. Analysts expect the report to show that employers in the U.S., the biggest consumer of oil and petroleum products, added 152,000 jobs last month. The jump in US oil prices came after a government report Thursday that showed claims for US unemployment benefits declined by 7,000 for the week ending March 2. The report on jobless benefits followed a report Wednesday from payroll processor Automatic Data Processing that showed that the US private-sector added 198,000 jobs in February, more than many analysts expected. Continue Reading....
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