Oil prices trading near 2010 highs on latest US jobs data

Crude oil prices jumped higher in trading on Friday afternoon above $82 as the market got a boost from the latest US jobs data which was better than most expected, traders said.

NYMEX Light crude oil futures for delivery in April, jumped to a high of $82.07 a barrel and is currently trading at $81.86, up $1.65 from Thursday’s close, while in London, Brent crude oil futures for April was up 1.79 dollars at $80.33, after earlier touching $80.53 on the ICE Futures Exchange.

“It was the latest US unemployment numbers that really set the markets in motion,” said analyst David Jones at financial spread-betting firm IG Index.

Oil also rose sharply after encouraging news from China, which is the second biggest global energy consumer.

“Crude oil prices rose … following news that China will maintain its economic stimulus package that drove overnight gains across the Asian markets and raised hopes for a boost in crude oil demand,” said Sucden Financial Research analyst Myrto Sokou.

This years high for crude oil prices was $83.95 reached in the day’s trading for NYMEX Light crude oil futures on January 11th 2010.

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