Friday June 5, 02:23 PM
Oil price soars above $70 on US jobs data
LONDON (AFP) - New York crude oil spiked above 70 dollars on Friday, reaching the highest point in seven months on news that US job losses slowed dramatically in May, data that also weighed on the dollar.
New York crude spiked to 70.32 dollars a barrel, the highest level since November 4.
The number of US job losses slowed to a better-than-expected 345,000 in May, while the unemployment rate surged to 9.4 percent in May, government data revealed.
"The sharper than expected moderation in the rate of net payroll job losses suggests that the US economy is perhaps closer to an actual recovery than previously thought," said Capital Economics analyst Paul Ashworth.
A quick turnaround would be a boost for energy demand in the United States, the world's biggest oil-consuming nation.
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