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Oil extends gains, supported by surprise U.S. jobs report


Monday, 8 July 2019 08:47 WIB

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Crude prices rose on Monday, adding to gains in the previous session on better-than-expected U.S. jobs data, although gains were tempered by worries over the prolonged Sino-U.S. trade war.

Brent crude futures were up 10 cents, or 0.2%, by 00:48 GMT at $64.33. U.S. West Texas Intermediate (WTI) was up 14 cents, or 0.2%, at $57.65 a barrel.

Both oil benchmarks fell last week as concerns about a slowing global economy outweighed risks to supply. Brent fell more than 3% and WTI shed more than 1.5%.

U.S. job growth rebounded strongly in June, with government payrolls surging, the Labor Department's closely watched employment report showed on Friday, suggesting May's sharp slowdown in hiring was probably a one-off.

Employers added 224,000 jobs last month, the most in five months, the report showed.

But the U.S.-China trade war has dampened prospects of global economic growth and oil demand.

Source : Reuters


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