1 minute ago 2009-11-09T04:49:03-08:00
LONDON (AFP) – Oil prices recovered on Monday, climbing back above 78 dollars after falling at the end of last week in reaction to a surge in US unemployment figures.
New York's main contract, light sweet crude for delivery in December, jumped 1.04 dollars to 78.47 dollars a barrel.
Brent North Sea crude for December delivery gained 1.03 dollars to 76.90 dollars.
Both contracts closed lower on Friday after official data by the Labor Department showed the US unemployment rate had jumped to 10.2 percent in October as 190,000 jobs were shed, stoking fears for energy demand.
The Labor Department report, seen as one of the best indicators of economic momentum, showed a rise in the jobless rate, up from 9.8 percent in September, to the highest level since 1983.
But the number of jobs lost narrowed to the lowest level in more than one year.
The United States is the world's biggest energy user and is seen as a crucial driver of oil demand, which has been depressed by the global economic slump.
