Crude oil futures were surging higher on Friday, propelled by confidence for increased demand for the energy commodity in the globe's top consumer after the release of stronger-than-expected labor market data, Bloomberg reports.
Payrolls grew in April by 165,000, dwarfing the 140,000 forecast by economists surveyed by the news source. The jobless rate edged down to 7.5 percent in the globe's largest economy, marking its lowest level in roughly 48 months.
"The jobs report is inspiring and it's bullish for oil," senior market analyst Phil Flynn with the Price Futures Group in Chicago told Bloomberg on Friday. "With jobs numbers being strong, you just can't be short on oil. The market is going to be looking to better demand in the U.S."
At 11:54 a.m. on Friday, West Texas Intermediate crude oil futures climbed 2.02 percent, a $1.90 gain to $95.89 per barrel. At 11:49 a.m., Brent crude oil prices rose 1.67 percent, a $1.72 lift to $104.57 per barrel.
The average estimate for economists polled by The Wall Street Journal was 148,000 jobs, as U.S. Labor Department figures also beat that figure.
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