The U.S. Department of Labor released data noting job creation in April amounted to about 288,000 new positions. The jobless rate fell to 6.3 percent, its lowest level since late 2008.
The energy commodity also benefited from ongoing strife in Ukraine, where the nation's security forces are battling with Russian troops.
"The payroll figure is definitely supportive for the oil market," analyst and broker Gene McGillian with Tradition Energy in Stamford, Connecticut told the news source on Friday. "The report is helping stem this week's selloff. We also have a little pickup in geopolitical risk."
At 10:02 a.m. on Friday, WTI crude oil futures slightly edged up 0.01 percent, a penny lift to $99.41 per barrel. Brent crude oil futures rose 0.44 percent, a 47-cent rise to $108.23 per barrel.
Despite gains on Friday, WTI crude oil futures are likely to mark losses of 1.1 percent this week.
Russia-Ukraine strife spurs concerns
While Russian troops are massed on the border with Ukraine, security forces have dispatched tanks and additional forces to fight for Slovyansk, a pro-separatist site where fighters in favor of acceding to Russia have control.
Russia President Vladimir Putin has said that Ukraine must pull back its troops and additional military effort in the conflict that has raged since February, when Ukraine forced out its prime minister and Russian forces filed in.
Ukraine sent interior ministry forces to oust the separatists and take custody of hostages. Among those prisoners are eight international officials who are tracking the conflict.
Reuters reports the energy commodity is benefiting due to concerns spreading about supply lines being disrupted due to the strife. But, as of yet, no supply lines for the energy commodity have been reported,
Western nations are poised to levy additional sanctions against Russia, whom the coalition suspects of aiding militants in Ukraine.
One industry insider said the increased military activity by Ukraine does not bode well amid efforts to reduce the pitch of the ongoing conflict.
"The fact that the Ukrainian army has started to move is creating uncertainty ahead of the weekend," Olivier Jakob with consultancy Petromatrix in Zug, Switzerland told Reuters on Friday.
Putin said that what Ukraine and its forces are doing is proving to be destructive to peace negotiations that Ukraine, Russia and international powers embarked on last month.
Libya to resume strong production
In another world hotspot, oil-rich Libya re-opened one of its ports, The Wall Street Journal reports. Following a blockade since Fall 2013, Zueitina resumed production of the energy commodity in Libya.
The nation is preparing to harken back to its strong export regimen. As the owner of the African continent's biggest reserves of oil, the country is looking to return to its strong supply of crude oil. Protests in the middle of last year prompted some ports, oil fields and pipelines to shutter.
Focus on Russia strife, researcher says
One researcher said that the ongoing conflict in Ukraine is of keen interest and likely to have a long, strong impact on the price of crude oil futures and their movement on commodity markets.
Head of commodity research Eugen Weinberg with Commerzbank in Frankfurt, Germany told MarketWatch that the energy commodity has been sensitive to the ongoing strife.
"The escalating conflict in east Ukraine is allowing oil prices to recover after finding themselves under pressure until yesterday," states a Friday note authored by the head of commodity research, according to MarketWatch.
THIS MATERIAL IS CONVEYED AS A SOLICITATION FOR ENTERING INTO A DERIVATIVES TRANSACTION.
THIS MATERIAL HAS BEEN PREPARED BY A DANIELS TRADING BROKER WHO PROVIDES RESEARCH MARKET COMMENTARY AND TRADE RECOMMENDATIONS AS PART OF HIS OR HER SOLICITATION FOR ACCOUNTS AND SOLICITATION FOR TRADES; HOWEVER, DANIELS TRADING DOES NOT MAINTAIN A RESEARCH DEPARTMENT AS DEFINED IN CFTC RULE 1.71. DANIELS TRADING, ITS PRINCIPALS, BROKERS AND EMPLOYEES MAY TRADE IN DERIVATIVES FOR THEIR OWN ACCOUNTS OR FOR THE ACCOUNTS OF OTHERS. DUE TO VARIOUS FACTORS (SUCH AS RISK TOLERANCE, MARGIN REQUIREMENTS, TRADING OBJECTIVES, SHORT TERM VS. LONG TERM STRATEGIES, TECHNICAL VS. FUNDAMENTAL MARKET ANALYSIS, AND OTHER FACTORS) SUCH TRADING MAY RESULT IN THE INITIATION OR LIQUIDATION OF POSITIONS THAT ARE DIFFERENT FROM OR CONTRARY TO THE OPINIONS AND RECOMMENDATIONS CONTAINED THEREIN.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE PERFORMANCE. THE RISK OF LOSS IN TRADING FUTURES CONTRACTS OR COMMODITY OPTIONS CAN BE SUBSTANTIAL, AND THEREFORE INVESTORS SHOULD UNDERSTAND THE RISKS INVOLVED IN TAKING LEVERAGED POSITIONS AND MUST ASSUME RESPONSIBILITY FOR THE RISKS ASSOCIATED WITH SUCH INVESTMENTS AND FOR THEIR RESULTS.
TRADE RECOMMENDATIONS AND PROFIT/LOSS CALCULATIONS MAY NOT INCLUDE COMMISSIONS AND FEES. PLEASE CONSULT YOUR BROKER FOR DETAILS BASED ON YOUR TRADING ARRANGEMENT AND COMMISSION SETUP.
YOU SHOULD CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR CIRCUMSTANCES AND FINANCIAL RESOURCES. YOU SHOULD READ THE "RISK DISCLOSURE" WEBPAGE ACCESSED AT WWW.DANIELSTRADING.COM AT THE BOTTOM OF THE HOMEPAGE. DANIELS TRADING IS NOT AFFILIATED WITH NOR DOES IT ENDORSE ANY TRADING SYSTEM, NEWSLETTER OR OTHER SIMILAR SERVICE. DANIELS TRADING DOES NOT GUARANTEE OR VERIFY ANY PERFORMANCE CLAIMS MADE BY SUCH SYSTEMS OR SERVICE.
GLOBAL ASSET ADVISORS, LLC (“GAA”) (DBA: DANIELS TRADING, TOP THIRD AG MARKETING AND FUTURES ONLINE) IS AN INTRODUCING BROKER TO GAIN CAPITAL GROUP, LLC (GCG) A FUTURES COMMISSION MERCHANT AND RETAIL FOREIGN EXCHANGE DEALER. GAA AND GCG ARE WHOLLY OWNED SUBSIDIARIES OF STONEX GROUP INC. (NASDAQ:SNEX) THE ULTIMATE PARENT COMPANY.