A strong jobs report in the globe's largest consumer prompted West Texas Intermediate crude oil futures to push toward their largest weekly advance in about five months on Friday, according to Bloomberg.
The U.S. unemployment rate last month fell to its lowest since 2008, brightening the outlook for demand of the energy commodity. Crude oil futures are pushing toward weekly climbs of well more than 5 percent.
"These were spectacular jobs numbers and will ultimately be supportive for energy prices," partner John Kilduff with energy hedge fund Again Capital LLC in New York told the news source on Friday. "We've already seen demand pick up, and this is a signal that it will be stronger going ahead."
At 11:54 a.m. on Friday, WTI crude oil futures inched up 0.12 percent, a 12-cent lift to $97.50 per barrel. Brent crude oil futures gained 0.25 percent, a 28-cent climb to $11.26 per barrel.
Reuters reports the energy commodity's advance was tempered by analyst and investors' speculation about the U.S. Federal Reserve's plan to taper monetary stimulus measures, which is fueled by strong economic data such as that about the nation's employment market.
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