NEW YORK: Oil prices surged to 18-month highs on Monday, after data on Friday showed the United States added the most jobs in three years, boosting prospects for economic recovery in the top oil consumer.
US payrolls rose by 162,000 last month, the fastest rate in three years, Labor Department data showed on Friday. The US service sector grew in March at its fastest pace in nearly four years while pending home sales also rose, according to the ISM industry survey and a National Association of Realtors report on Monday.
US equities rose while the dollar weakened against a basket of foreign currencies and commodities gained broadly. US crude oil for May delivery surged 1.9 per cent, or $1.62, to $86.49 a barrel by 11:00 a.m. EDT (1500 GMT). US markets reopened after a three-day weekend including the Good Friday holiday.
London markets were closed on Monday for Easter. Brent crude rose $1.60 to $85.61 per barrel. “Economic optimists have taken control of the market after jobs data, manufacturing and pending home sales data all came in better-than-expected,” said Gene McGillian, analyst at Tradition Energy in Connecticut.
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