Oil rebounds nearly $4 a barrel to 116.32
May 3, 2008
Crude oil rose nearly $4 a barrel in New York, the
most in month, after a report showed the U.S. lost
fewer jobs than forecast in April and as Turkey
renewed its military offensive against Kurdish rebels
in an oil-rich section of Iraq.
The unemployment number wasn't anywhere near as bad as
expected," said Kyle Cooper, an analyst at IAF
Advisors in Houston. "Maybe the economy isn't falling
into the abyss and demand won't fall as much as
expected."
At the New York Mercantile Exchange, rose $3.80, or
3.4 percent, to settle at $116.32 a barrel, the first
increase in four days. It was the biggest gain since
April 2. Futures, which have climbed 83 percent from a
year ago, are down 1.9 percent this week.
"It could go up just a little bit more," said Fred
Rozell, retail pricing director at the Oil Price
Information Service, in Wall, N.J., but, "I think it's
running out of steam."
The dollar rose to a five-week high against the euro
after the smaller-than-expected job loss last month,
which may indicate the labor market is weathering the
economic slowdown.
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