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Monday, April 4, 2011

Oil futures prices for april 2011 - Crude Futures Hold Above $108 US Payrolls Support

Oil futures prices for april 2011 - Crude Futures Hold Above $108 ; US Payrolls Support : Crude-oil futures opened above the $108 mark in Asia Monday and held above this level as upbeat economic data released Friday reinforced the view that the U.S. economy is recovering and global oil demand will continue to grow even as supply tightens.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $108.52 a barrel at 0623 GMT, up $0.58 in the Globex electronic session, after having hit $108.74 in early Asian trade, the highest level since Sept. 24, 2008.

May Brent crude on London's ICE Futures exchange rose $0.78 to $119.48 a barrel.

Asia is still hungry for oil, with demand from Japan likely pick up as the country rebuilds after the last month's earthquake and tsunami, said a trader at Hyundai Oilbank in Seoul.

The stronger-than-expected U.S. payrolls report Friday gave investors reason to believe that the U.S. economy is firmly on the path to recovery, which is also going to support energy prices, he added.

Nonfarm payrolls rose by 216,000 in March as the private-sector added 230,000 jobs, the U.S. Labor Department said in its survey of employers.

Economists surveyed by Dow Jones Newswires had forecast payrolls would rise by 195,000.

Traders were also watching developments in the Middle East and North Africa closely, as the two regions produce much of the world's crude, and ongoing tensions there will continue to constrain oil supplies.

Heavy fighting raged on the outskirts of the key Libyan oil town of Brega on Sunday, with rebel forces advancing only to pull back in the face of what they said was an ambush by forces loyal to Col. Moammar Gadhafi.

Rebel fighters, who had entered the frontline town early Sunday, said they were staging a tactical withdrawal.

Meanwhile, the U.S. has agreed to a NATO request to conduct air strikes on Libya through Monday because of "recent poor weather," the Pentagon said Sunday.

"Nymex crude may inch toward the $110-$111 area if tensions intensify in the Middle East and North Africa or there are further favorable economic releases," Jim Ritterbusch, president of oil trading advisory firm Ritterbusch & Associates said in a note.

"Upcoming elections in Nigeria amid the intensified unrest in the MENA [Middle East North Africa] region could add to markets' jitters over oil supplies," ANZ said in a note.

Nymex reformulated gasoline blendstock for May--the benchmark gasoline contract--rose 218 points to $3.1731 a gallon, while May heating oil traded at $3.1545, 200 points higher.

ICE gasoil for April changed hands at $1,008.75 a metric ton, up $8.25 from Friday's settlement For the latest updates PRESS CTR + D or visit Stock Market news Today

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