Oil climbs as Asia embraces U.S. data

Oil futures surged to start the week in Asia as traders in the region warmed to last Friday’s U.S. jobs report.

On the New York Mercantile Exchange, light, sweet crude futures for June delivery jumped 1.36% to USD96.91 per barrel in Asian trading Monday after settling higher by 1.6% Friday to settle the week at USD95.48 a barrel by close of trade. Nymex oil futures added 2.7% on the week, the second consecutive weekly advance.

Economic news out last Friday bolstered oil’s fortunes and traders in Asia are reacting to that news Monday.

In economic news published last Friday, the U.S. Labor Department said 165,000 new jobs were created last month, topping expectations calling for the addition of 140,000 jobs. The U.S. unemployment rate fell to 7.5% from 7.6%.

The Institute for Supply Management's services index fell to 53.1% last month from 54.4% in March. Economists expected an April reading of 53.7%. Readings above 50% indicate expansion. The U.S is the world’s largest oil consumer.

Traders were heartened by the U.S. data after China said last week its April PMI fell to 50.6 compared to economists’ estimates of 50.7 and March’s reading of 50.9. China is the world’s second-largest oil consumer.

In other oil news, Occidental Petroleum, the fourth-largest U.S. oil, company announced last week Chairman and former CEO Ray Irani has been ousted from the company. That news increased speculation Occidental will sell international assets or spin-off its downstream assets in an effort to generate value for shareholders.

Elsewhere, Brent crude for June delivery added 1.26% to USD105.44 per troy ounce on the ICE Futures Exchange.

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