Oil rises after strong US employment report

Oil rises after strong US employment report, finishes week with gain of 5.3 percent

Associated Press

The price of oil rose again Friday on signs of a stronger job market in the U.S. and finished the week with a gain of more than 5 percent.

Those gains are showing up at the gas pump. The average price of a gallon of gasoline in the U.S. rose 1 cent to $3.26, the first increase in 10 days.

Benchmark U.S. crude for January delivery rose 27 cents at $97.65 a barrel on the New York Mercantile Exchange. The increase for the week was $4.93 a barrel.

U.S. data showed the outlook for hiring is improving.

On Friday, the Labor Department said the U.S. unemployment rate in November fell to a five-year low of 7 percent from 7.3 percent in October. Employers added 203,000 jobs last month, many in higher-paying sectors like manufacturing and construction.

The jobs report came after Thursday's data from the Commerce Department showed that the U.S. economy grew at a 3.6 percent annualized rate in July through September, the fastest since early 2012.

Brent crude, a benchmark for international oils, rose 63 cents to $111.61 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 2 cents to $2.73 a gallon.

— Heating oil added 1 cent to $3.06 a gallon.

— Natural gas fell 2 cents to $4.11 per 1,000 cubic feet.

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