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Oil prices rise on supply worries

Friday, March 15 11:56:25

Brent crude oil rose today as strong U.S. jobs data fuelled hopes of better demand outlook in the world's top oil consumer, while concerns over supply from the Middle East added support.

Investors took on more risk as the jobs data added to other positive economic news, suggesting a steady recovery in the world's largest economy.

Oil got a further boost after President Barack Obama said military force remained an option if sanctions and diplomacy failed to thwart Iran's nuclear ambitions.

"The jobs figures were actually not far off from what they were when the Federal Reserve initiated QE3," said Harry Tchilinguirian, oil analyst at BNP Paribas in London.

"And the inflation rate has fallen. So the market is seeing this jobs report as a sign that the U.S. will continue its asset buying programme as planned."

Brent crude was up $1.07 at $110.03 per barrel by 1150 GMT, gaining for a second day after snapping four straight days of losses.

The April contract, which expired on Thursday, settled 90 cents higher, but the benchmark was poised for its fourth weekly decline in five weeks.

U.S. oil gained 50 cents to $93.53 per barrel, and was set to post its second straight week of gains.