Commodities: Oil rises above $81 after jobs data

Date: Monday 08 Mar 2010

Oil prices rose above $81 a barrel on Friday after a better than expected US jobs report.

Crude for April delivery settled up $1.29 to $81.50 a barrel in New York.

The Labor Department said nonfarm payrolls fell by just 36,000 in February to 129.5m. Most economists had forecast a loss of around 90,000 jobs. The unemployment rate remained steady at 9.7%, just below the 9.8% forecast.

Demand for oil was also boosted by strong gains on Wall Street amid renewed optimism about economic growth. Shares in Apple flew off the shelf on news that the iPad tablet computer will go on sale in the US on 3 April.

Market sentiment was also boosted by news that China’s Prime Minister Wen Jiabao said he would keep an 8% growth rate for the economy in 2010.

Gold settled modestly higher on Friday as the better than expected jobs figures fuelled appetite for commodities while the weaker dollar against the euro also helped demand.

Gold for April rose $2.10 to settle at $1,135.20 per ounce. Copper for March rose 5 cents to $3.42 a pound.

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