Oil Surges to Highest Level in 17 Months on U.S. Jobs Report

[phantom power]

Futures increased $1.11, or 1.3 percent, to settle at $84.87 on April 1. Prices climbed after reports showed Chinese, European and U.S. manufacturing expanded, while pessimism decreased among Japan’s largest industrial companies.

Oil trading resumed today after the exchange closed April 2 to mark the Good Friday holiday. The Labor Department report published that day showed U.S. payrolls were buoyed by 48,000 temporary workers hired by the government to conduct the census.

Oil traded within a range of $68 to $84 a barrel in the six months ended March 30. Prices climbed the past two months as improved investor confidence lifted world equity markets and U.S. refining climbed from a 16-month low.

Still, U.S. crude oil stockpiles have posted nine weekly increases and held 354.2 million barrels in the week ended March 26, which is 6.5 percent higher than the five-year average for the period, the Energy Department said last week.

http://www.bloomberg.com/apps/news?sid=a0mexlzjQPtc&pid=20601087

[doc03]

1. These f----g futures traders will take the

economy back down unless someone comes down on them.

[lib2DaBone]

2. Great.. just great... $5 gas and double-dip.. here we come...