Oil Climbs as US Jobs Data Alleviates Concern About Economy

(Bloomberg) - Oil rose after stronger U.S. payroll growth allayed concern that the economy of the world’s largest crude-consuming nation is slowing.

Futures climbed 0.6 percent in New York. America’s job market stirred to life in June as payrolls climbed by 287,000, the most since October, after a two-month lull. Oil tumbled 4.8 percent Thursday after government data showed U.S. crude stockpiles fell 2.2 million barrels last week, a smaller drop than forecasts and industry data suggested. The report showed U.S. production slumped to the lowest level since May 2014.

"The jobs number gave us a little bit of optimism about the economy," said Phil Flynn, senior market analyst at Price Futures Group in Chicago. "There’s been a lot of concern about the economy and what that will mean for demand."

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