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.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.
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.