Oil rose again today to put it over the $83 a barrel mark as a better than expected report was released on U.S. job growth which helped in easing concerns that the economy is slowing down. Oil has rallied by more than 4.8 percent this week as U.S. crude supplies fell and the European Central Bank announced its plans to stimulate the economy.
The Labor Department stated that payrolls grew by 103,000 workers in September and by 57,000 in August. Analysts on average had expected that there would have been 60,000 workers added in September. The unemployment rate held at 9.1 percent but hours and earnings both seen increases. The report included a gain of 45,000 telecommunication employees that return to work following a strike.
Crude stockpiles in the United States fell to 336.3 million barrels last week, a 4.68 million barrel drop, according to a weekly report by the Energy Departments Energy Information Administration.
The biggest motivation behind the increase in the price of oil this week was news that the European Central Bank will bring back yearlong loans which will give banks access to unlimited cash until January 2013. It also announced that it has resumed covered bond purchases aimed at encouraging loans. The move by the ECB has prompted confidence that the euro zone can avoid slipping into another recession.
WTI Crude gained 0.58 percent on Friday to close at $83.07 a barrel.
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