Oil rebounds nearly $4 a barrel to 116.32
May 3, 2008
Crude oil rose nearly $4 a barrel in New York, the most in month,
after a re****t showed the U.S. lost fewer jobs than forecast in April
and as Turkey renewed its military offensive against Kurdish rebels in
an oil-rich section of Iraq.
The unemployment number wasn't anywhere near as bad as expected," said
Kyle Cooper, an analyst at IAF Advisors in Houston. "Maybe the economy
isn't falling into the abyss and demand won't fall as much as
expected."
At the New York Mercantile Exchange, rose $3.80, or 3.4 percent, to
settle at $116.32 a barrel, the first increase in four days. It was
the biggest gain since April 2. Futures, which have climbed 83 percent
from a year ago, are down 1.9 percent this week.
"It could go up just a little bit more," said Fred Rozell, retail
pricing director at the Oil Price Information Service, in Wall, N.J.,
but, "I think it's running out of steam."
The dollar rose to a five-week high against the euro after the smaller-
than-expected job loss last month, which may indicate the labor market
is weathering the economic slowdown.
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