Global Oil Prices Gain on Libya Doubt and U.S. Jobs Growth

Reuters reported today that U.S. crude oil rose at the end of last week as data showed strong jobs growth in the United States. Brent crude followed the ascent as investors cast doubt on the reopening of Libya’s oil ports.

As quoted in the publication:

Both benchmarks retreated from the day’s highs along with the U.S. equities market, which fell sharply from the intraday record highs hit after the March U.S. nonfarm payrolls report was released. The report showed 192,000 jobs were added in March.

Investors remained cautious after a breakdown in agreements between the Libyan government and rebels earlier this year.

Tradition Energy analyst, Gene McGillian, told Reuters:

The spread’s in today by about 50 cents, which suggests that concerns about Libyan oil making its way back onto the world market place has kind of run its course, and the focus is back on Cushing oil flowing down to the Gulf Coast.

Click here to read the full Reuters article.