Light oil prices end the week well above $80 trading range

US Light oil prices end this week’s trading well up and over the $80a barrel range as Light crude oil futures for April delivery rose $1.29 to settle at $81.50 a barrel on the NYMEX.

Investors see a link between the US unemployment report, which showed the jobless rate holding steady at 9.7 percent, and higher gasoline prices, according to Jim Ritterbusch of Ritterbusch and Associates.

Curde oil prices also got a boost on Friday from China Premier Wen Jiabao, who said his country is on track for 8 percent growth this year. China is the second biggest consumer of oil in the world after the US.

Signs of economic improvement in the US embolden investors to jump into riskier assets. A stronger US economy also means higher demand for commodities including crude oil.

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