US oil prices rose modestly Thursday, bolstered by an upbeat jobs report and stronger demand for heating oil as bitter winter weather continues to seize large parts of the country.
The US benchmark contract, West Texas Intermediate for delivery in March, gained 46 cents to settle at $97.84 a barrel. Earlier in the day WTI hit its highest level in a month.
In London, Brent North Sea crude for March, Europe's main contract, closed at $107.19 a barrel, a gain of 94 cents from Wednesday.
Traders were looking ahead to the US Labor Department's monthly jobs report covering January for signs of strength in the economy, which could also signal firmer oil demand.
"Tomorrow's important report will give us our next direction," said Gene McGillian of Tradition Energy. "The market keeps getting closer to the resistance level of $100."
Economists expect the economy added 175,000 jobs in January, up from a mere 74,000 in December, and the unemployment rate will hold unchanged at 6.7 percent for a second month.
Crude futures also benefited from a long-running bout of severe winter. "Product demand continues to be strong because of the weather," said Phil Flynn of Price Futures Group.
On Wednesday, the Department of Energy reported a fourth consecutive week of falling inventories of distillates, which include heating oil and diesel.
Distillates fell 2.4 million barrels, far more than the 2.0 million barrels estimated.
US oil prices rose modestly Thursday, bolstered by an upbeat jobs report and stronger demand for heating oil as bitter winter weather continues to seize large parts of the country.
The US benchmark contract, West Texas Intermediate for delivery in March, gained 46 cents to settle at $97.84 a barrel. Earlier in the day WTI hit its highest level in a month.
In London, Brent North Sea crude for March, Europe’s main contract, closed at $107.19 a barrel, a gain of 94 cents from Wednesday.
Traders were looking ahead to the US Labor Department’s monthly jobs report covering January for signs of strength in the economy, which could also signal firmer oil demand.
“Tomorrow’s important report will give us our next direction,” said Gene McGillian of Tradition Energy. “The market keeps getting closer to the resistance level of $100.”
Economists expect the economy added 175,000 jobs in January, up from a mere 74,000 in December, and the unemployment rate will hold unchanged at 6.7 percent for a second month.
Crude futures also benefited from a long-running bout of severe winter. “Product demand continues to be strong because of the weather,” said Phil Flynn of Price Futures Group.
On Wednesday, the Department of Energy reported a fourth consecutive week of falling inventories of distillates, which include heating oil and diesel.
Distillates fell 2.4 million barrels, far more than the 2.0 million barrels estimated.
