Oil Caps Biggest Weekly Gain in Seven Months on U.S. Jobs Growth

Bloomberg reported that Oil surged capping the biggest weekly gain in seven months, after unexpected U.S. jobs growth eased concern about economy.

As quoted in the market news:

Futures rose as the Labor Department said payrolls climbed by 103,000 workers in September and 57,000 in August. The median forecast in a Bloomberg News survey called for a gain of 60,000 in September. Oil climbed 4.8 percent this week, the most since March, as U.S. supplies fell and European central banks announced stimulus plans.

“There have been some really grave concerns that we’re heading into another recession and this will quell those worries until the next bad numbers come out,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $1.3 billion. “We were already having a really good week and these numbers were better than expected.”

Click here to read the full Bloomberg report