Oil prices above $82 by Magdalena Rosova

Oil prices jumped above 82 dollars on Friday after the market got positive US jobs data. The prices in New York grew 1.65 dollars from Thursday and in London the prices for the crude were up 1.79 dollars for a barrel. On Friday US government surprised by figures that are better then most economist expected. The economists forecast 67,000 job losses and 9.8 percent unemployment rate. The report showed that 36,000 people lost their jobs in the United States in February and the unemployment rate was 9.7 percent. The positive report set the markets in motion. US payroll is a key economic announcement and a sign of economic recovery. Even though many people lost jobs, it! was still less then market had expected. United States, the biggest energy consuming nation in the world, strongly influences the oil prices. Therefore the report boosted oil prices. Oil prices rose also thanks to news saying that China will maintain its economic stimulus package. The news drove gains across the Asian markets and many hope that the boost of oil demand will follow. The head of Libya's National Oil Company suggest that oil market in the world was oversupplied and therefore OPEC - Organization of Petroleum Exporting Countries - would not change its production quotas. The next meeting of OPEC's members is planned on March 17 and will take place in Vienna. Shukri Ghanem from Libya does not expect a change in OPEC production quotas saying that there was an excess of supply in the market. Ghanem added that OPEC needed to respect the existing quotas before it decided to increase or cut the production. OPEC pumps about 40 percent of the worlds crude oil, wh! ich means 24.84 million barrels a day. At its last meeting in ! Angola o n December 22, decided not to change its production.

related story (sgx16686): http://news.yahoo.com/s/afp/20100305/bs_afp/commoditiesenerg...

by Magdalena Rosova for SigEx Ventures (http://sigexventures.com)

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