Investing.com - Crude oil futures rose in U.S. trading on Friday after poor jobs data sparked talk the Federal Reserve will stimulate the economy via monetary stimulus measures.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD95.65 a barrel on Friday, up 0.13%, off from a session high of USD96.56 and up from an earlier session low of USD94.11.
The Bureau of Labor Statistics reported earlier that the U.S. economy created a net 96,000 nonfarm payrolls in August, well below market calls for 125,000 jobs.
The numbers sent oil falling initially on the notion the U.S. economy may be cooling its already tepid recovery and will demand less energy and fuels going forward.
The weak jobs numbers, however, quickly fueled already growing sentiment that the Federal Reserve will roll out a third round of quantitative easing at its Sept. 12-13 monetary policy meeting.
Under quantitative easing, the Fed buys assets such as Treasury holdings or mortgage-backed securities held by banks, pumping the economy full of fresh liquidity in a way that pushes down interest rates to encourage investing and hiring.
Such accommodative policies tend to weaken the dollar by design and send commodities prices rising, especially oil, which shoots up on hopes for sustained demand that comes from a jolted economy and also due to a weaker dollar, which makes the commodity a nicely-priced asset in the eyes of investors holding other currencies.
The Bureau of Labor Statistics added that July's figures were revised down to 141,000 from 163,000, while June's figures were revised down to 45,000 from 64,000, further stoking market calls for Fed intervention.
The unemployment rate stood at 8.1 percent in August, down from 8.3% in September as more jobless worked exited the labor force.
Meanwhile in Europe, oil continued to see support on ECB President Mario Draghi's recent announcement that policymakers are planning to buy sovereign bonds with maturities of up to three years via an Outright Monetary Transaction scheme, which won't affect the size of the ECB's balance sheet.
The plan aims to lower borrowing costs in countries such as Italy and Spain and fight the European debt crisis.
On the ICE Futures Exchange, Brent oil futures for October delivery were up 0.20% and trading at USD113.72 a barrel, up USD18.07 from its U.S. counterpart.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD95.65 a barrel on Friday, up 0.13%, off from a session high of USD96.56 and up from an earlier session low of USD94.11.
The Bureau of Labor Statistics reported earlier that the U.S. economy created a net 96,000 nonfarm payrolls in August, well below market calls for 125,000 jobs.
The numbers sent oil falling initially on the notion the U.S. economy may be cooling its already tepid recovery and will demand less energy and fuels going forward.
The weak jobs numbers, however, quickly fueled already growing sentiment that the Federal Reserve will roll out a third round of quantitative easing at its Sept. 12-13 monetary policy meeting.
Under quantitative easing, the Fed buys assets such as Treasury holdings or mortgage-backed securities held by banks, pumping the economy full of fresh liquidity in a way that pushes down interest rates to encourage investing and hiring.
Such accommodative policies tend to weaken the dollar by design and send commodities prices rising, especially oil, which shoots up on hopes for sustained demand that comes from a jolted economy and also due to a weaker dollar, which makes the commodity a nicely-priced asset in the eyes of investors holding other currencies.
The Bureau of Labor Statistics added that July's figures were revised down to 141,000 from 163,000, while June's figures were revised down to 45,000 from 64,000, further stoking market calls for Fed intervention.
The unemployment rate stood at 8.1 percent in August, down from 8.3% in September as more jobless worked exited the labor force.
Meanwhile in Europe, oil continued to see support on ECB President Mario Draghi's recent announcement that policymakers are planning to buy sovereign bonds with maturities of up to three years via an Outright Monetary Transaction scheme, which won't affect the size of the ECB's balance sheet.
The plan aims to lower borrowing costs in countries such as Italy and Spain and fight the European debt crisis.
On the ICE Futures Exchange, Brent oil futures for October delivery were up 0.20% and trading at USD113.72 a barrel, up USD18.07 from its U.S. counterpart.