04 Apr '11, 2am

Crude rises to highest level in over two years

SINGAPORE: Crude prices hit fresh two-and-a-half-year highs in Asian trade on Monday as a jump in US jobs creation inspired traders, analysts said. New York's main contract, light sweet crude for delivery in May, rose 72 cents to $108.66 per barrel, topping Friday's peak of $107.93 and hitting its highest level since late September 2008. Brent North Sea crude for May delivery advanced 40 cents to $119.10. A strong showing in US jobs creation for March was leading crude prices higher, said Ben Westmore, minerals and energy economist for National Australia Bank in Melbourne. "It seems to be demand factors that are causing the rise in prices.... In particular the non-farm payrolls number which was about 216,000 jobs in March which caused a slight fall in the unemployment rate," he told AFP. "I would say the fall in the unemployment rate wasn't expected by the market so it pro...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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