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Category: OilFutures

Oil Rallies On US Jobs Data, Bullish EIA Monthly Report

By Chris Wysong
April 08, 2015 Category: Oil, OilFutures, Economy

U.S. job openings reached a 14-year high in February which has given a boost to oil futures. Oil Rallies On US Jobs Data, Bullish EIA Monthly Report By: Robert Gibbons (Reuters) NEW YORK, April 7 (Reuters) - Oil futures rallied on Tuesday, erasing losses on strong jobs data, U.S. government forecasts for lower domestic crude production growth and higher global demand for oil. U.S. job openings surged to a 14-year high in February the Labor Departments monthly Job Openings and Labor Turnover Survey (JOLTS) said. That JOLTS report was certainly quite strong and strong employment equals strong gasoline demand, said John Kilduff, partner at Again Capital LLC in New York. Also supportive was an Energy Information Administration (EIA) monthly report raising forecasts for U.S. and global demand growth and lowering forecasts for crude oil production growth in the United States. U.S. May crude rose $1.84 to settle at $53.98 a barrel after dropping to $51.17. The $54.13 peak was the highest

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