Oil Advances For A Third Consecutive Session

Oil Advances For A Third Consecutive Session

Postby robertfx » Mon Sep 10, 2012 5:10 am

Oil advanced for a third consecutive day as U.S. payrolls rose at a slower pace than expected in August. Thus, sparking talks that the Federal Reserve will have to step in and spur the growth in the largest economy of the world. Crude for October settlement added 45 cents, or 0.5%, to $95.98 a barrel around noon ET on the New York Mercantile Exchange. Futures have lost 0.5% this week and 2.9% for the year. They have risen 24% from a yearly low of $77.28 a barrel, which we touched on June 28. Brent oil for October delivery rose by 21 cents to $113.70 a barrel on the London-based ICE Futures Europe exchange. Prices advanced as much as 1.3%. The Federal Open Market Committee will meet next week to discuss its monetary policy. On the economic front, the Labor Department announced that the U.S. economy created 96,000 new jobs last month, much less than the 130,000 analysts were projecting.

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