Crude oil futures settled at a 2½ year high on Friday, not far off $108 a barrel, as stronger than expected US jobs growth encouraged buying.
Crude for May delivery rose $1.22 to $107.94 a barrel on the New York Mercantile Exchange. May ICE Brent crude declined 3 cents at $ 117.34 a barrel.
Private non-farm payrolls rose by 216,000 in March, compared to expectations for a 190,000 person increase. The unemployment rate fell unexpectedly to 8.8% below, forecasts of 8.9%.
Traders also kept their eye on events in North Africa and the Middle East. Crude Oil prices have surged over 18% so far this year on concern that supplies will be disrupted.
However positive US jobs data wiped the shine off gold on Friday with prices ending $11 lower after Thursday’s record high of $1,439.90.
However positive US jobs data wiped the shine off gold on Friday with prices ending $11 lower after Thursday’s record high of $1,439.90.
Gold futures for June delivery declined $11 to $1,428.90 an ounce on the Comex division of the New York Mercantile Exchange.
Demand for the precious metal experienced some volatility Friday as traders scratched their heads over mixed remarks about interest rates from Federal Reserve officials.
Federal Reserve Bank of Richmond President Jeffrey Lacker said an interest rate hike could happen this year while Federal Reserve Bank of New York President William Dudley sounded a more dovish outlook on rates.
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