Crude takes a big jump following positive economic data

Prices settle at the highest level in two weeks Crude oil got a major boost on Friday, 03 August 2012 at Nymex gaining nearly 5% after the better than expected employment data, positive performance in Europe while also benefitting from the dollar's decline. Crude-oil futures rallied nearly 5% Friday, spurred by optimism following a positive U.S. jobs report and as Wall Street traded sharply higher and the dollar lost some ground. Light and sweet crude for September delivery rose $4.27, or 4.9%, to settle at $91.40 a barrel on the New York Mercantile Exchange on Friday. The settlement was the highest in two weeks. The energy component lifted from its session low of $88.31 per barrel and steadily climbed higher, settling just below its session high of $91.79. Despite selling pressure seen in previous sessions following little-changed FOMC and ECB statements, crude finished the week with a 1.4% gain at $91.40. A strong nonfarm payroll report combined with a positive ISM Services print supported the day's gains. Nonfarm payrolls came in at 163K versus the expected 100K while nonfarm private payrolls added 172K against expectations of a 105K increase. The unemployment rate of 8.3% ticked up from its previous reading of 8.2%. The July ISM Services index was reported at 52.6, slightly above the 52.3 expected, and up from June's 52.1 reading. The dollar index was considerably lower on Friday At 82.45, the index ended down 1.1%. Among other energy products on Friday, September gasoline gained 6 cents, or 2.1%, to $2.93 a gallon, while September heating oil rose 8 cents, or 3%, to $2.93 a gallon. On the week, gasoline and heating oil rose more than 1%. September natural-gas futures fell 4 cents, or 1.5%, to end at $2.88 per million British thermal units.