Upbeat US jobs data lifts crude oil futures

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Crude Oil futures ended on a bullish note in the domestic market on Saturday as a bigger than expected gain in jobs last month signaled a pickup in the world's biggest economy, lifting the demand outlook for the fuel. Payrolls in the US advanced by 195,000 for a second straight month in June as the jobless rate remained at the lowest level in nearly four years at 7.6%, the Labour Department said. Analysts were expecting a gain of 165,000 in non-farm payrolls last month.

Concerns that an escalation in unrest in Egypt may threaten oil shipments through the Suez Canal, which is controlled by the country, also pushed up crude oil prices. Supporters of the former President Mohamed Mursi clashed with security forces as Islamist supporters pledged to challenge the military coup who ousted Mursi.

At the MCX, Crude Oil futures, for the July 2013 contract, ended at Rs 6,368 per barrel, up by 1.13 per cent, after opening at Rs 6,310, against a previous close of Rs 6,297. It touched an intra-day high of Rs 6,440.

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Story first published: Monday, July 8, 2013, 12:40 [IST]
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