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Oil prices higher in Asian trade
November 9, 2009
Oil was higher in Asian trade Monday after falling at the end of last week in reaction to a surge in US unemployment figures, analysts said.
New York's main contract, light sweet crude for December delivery, was up 98 cents to $78.41 (R588) a barrel.
Brent North Sea crude for December delivery gained 95 cents to $76.82.
Both contracts closed lower Friday after official data by the Labor Department showed the US unemployment rate jumped to 10.2 percent in October as 190 000 jobs were shed, stoking fears for energy demand.
"I think it's a bit of a surprise.... Most of the traders were
expecting markets to fall to the 75, 76-dollar level," said
Jonathan Kornafel, Asian director of Hudson Capital Energy trading house.
He added that the price increase was due to "panic buying" by traders in a market lacking liquidity after the unemployment data.
The Labor Department report, seen as one of the best indicators of economic momentum, showed a rise in the jobless rate, up from 9.8 percent in September, to the highest since 1983.
But the number of jobs lost narrowed to the lowest level in more than one year.
The United States is the world's biggest energy user and is seen as crucial driver of oil demand, which has been depressed by the global slump. - Sapa-AFP
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