For The Archives: Price Of Oil Holding Above $90 -- Surprising, Considering

Rigzone is reporting:

Crude-oil futures settled higher Friday as investors read into the better-than-expected May U.S. nonfarm payroll data as evidence of buoyant economic conditions.

Light, sweet crude for July delivery settled $1.27, or 1.34%, higher at $96.03 a barrel on the New York Mercantile Exchange.

Brent crude on the ICE Futures Europe was recently $1.02 higher at $104.63 a barrel.
The Labor Department said Friday that U.S. employers added 175,000 new jobs in May, slightly higher than the 169,000 jobs increase forecast by economists.

Personally, I have been quite surprised about how the price of oil has held above $90. I think it has more to do with the weakness of the dollar than with hints of an improving economy.