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Oil rises on U.S. employment report

03-10-2012 10:23 BJT

NEW YORK, March 9 (Xinhua) -- Crude prices rose on Friday as U. S. nonfarm employment report for February came in upbeat, lifting sentiment.

The U.S. Labor Department reported that U.S. nonfarm payrolls added 227,000 in February, leaving the unemployment rate unchanged at 8.3 percent. Analysts had expected 210,000 of new jobs. Increasing improving signs of job market kept boosting the crude markets.

Meanwhile, Greece's debt swap deal went through, which prevented the debt-burdened nation from immediate debt default. But investors remained cautious about Greece's future, worrying about its long-term growth.

China's data provided further supports to crude prices. China's inflation rate dropped to 3.2 percent in February, the 20-month low. Investors were hoping that this would enable China more room for monetary easing to boost its economy, which would generate more oil demand.

Light, sweet crude for April delivery added 82 cents, or 0.77 percent to settle at 107.40 dollars a barrel on the New York Mercantile Exchange. For this week, it rose slightly by 70 cents, or 0.66 percent.

In London, Brent crude for April delivery gained 54 cents, or 0. 43 percent to close at 125.98 dollars a barrel. For this week, it increased 2.33 dollars, or 1.88 percent.

Editor:Zhang Hao |Source: Xinhua

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