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Oil prices up ahead of US jobs data

Friday, September 07 12:31:23

Oil prices rose today ahead of a U.S. jobs report which could point to a stronger economic outlook for the world's largest oil consumer.

Brent crude futures rose 46 cents to $113.95 per barrel by 1057 GMT. U.S. crude rose 23 cents to $95.76.

Oil lagged other risk-sensitive assets like equities for a second day, failing to draw as much support from the European Central Bank's bond buying plan unveiled on Thursday, with analysts pointing to high prices limiting demand.

"Oil demand continues to be hurt by high prices, it's difficult to buy at these levels because you are buying demand destruction," said Olivier Jakob, at Petromatrix in Zug, Switzerland.

Data on Thursday showed U.S. private employers added a stronger-than-expected 201,000 jobs in August and new claims for jobless benefits fell last week to the lowest level in a month, an upbeat signal for a struggling labour market.

This helped to ease fears that the closely watched farm payrolls would show a slower increase of jobs than the previous month at 125,000. (C ) Reuters