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Oil hits $100 on US jobs, Greece
Published:
Friday, February 10, 2012
NEW YORK—Oil prices rose to US$100 a barrel on Thursday, helped by US jobs data and investors’ faith in a bailout deal for Greece. Benchmark crude for March delivery rose by US$1.13 to US$99.84 per barrel in afternoon trading on the New York Mercantile Exchange, after hitting a day high of US$100.18 earlier in the day.
Brent crude rose by US$1.11 to US$118.31 a barrel in London. Prices increased after Greece agreed on new spending cuts and other austerity measures that were necessary to receive an international bailout. The deal eased concerns of bank failures that could impact Europe’s economy and reduce petroleum demand. The US also reported that the number of Americans seeking unemployment benefits fell to near a four-year low last week, suggesting that the job market is gaining strength. Energy demand tends to rise as the economy creates jobs and more people enter the daily commute. (AP)
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