Oil rises above $88 in Europe as attention turns from ECB meeting to monthly US jobs report

The price of oil rose above $88 a barrel on Friday, after a 2 per cent drop the day before, as attention turned from an ECB meeting that disappointed markets to the monthly report on U.S. jobs.

By early afternoon in Europe, benchmark crude was up $1.07 at $88.20 a barrel in electronic trading on the New York Mercantile Exchange. The contract dropped $1.78 to end Thursday at $87.13 in New York.

In London, Brent crude was up 60 cents at $106.50 on the ICE Futures exchange.

Oil slid Thursday after the head of the European Central Bank failed to take immediate action to overcome the region's debt crisis and provide new stimulus to the weak European economy. Six of the 17 nations that use the euro are in recession, which has reduced Europe's demand for crude.

Read Full Article from CanadianBusiness.com

- Posted: 2012-08-03 14:58:43

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