Oil climbs above $58

Futures rise as investors respond to signs of economic stabilization.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Ben Rooney, CNNMoney.com staff writer

Click the chart for current oil prices.
What percentage of new contributions to your retirement account is going into stocks?
  • Zero
  • Less than 25%
  • 25% - 75%
  • More than 75%

NEW YORK (CNNMoney.com) -- Oil prices rose Friday as signs of economic renewal in the world's biggest consumer of crude raised bets that energy demand will pick up.

Light, sweet crude for June delivery rose $1.92 to settle at $58.63 a barrel. It was the highest closing price since Nov. 11 when oil settled at $59.33 a barrel.

Government figures showed the U.S. economy lost fewer-than-expected jobs in April, suggesting the worst of the pain in the labor market is over.

A total of 539,000 jobs were lost last month, the Labor Department said. That's 160,000 fewer than in March, and was the lowest since October, when the economy shed 380,000 jobs. It was also fewer than the 600,000 loss that economists surveyed by Briefing.com had forecast.

Still, the job market remains depressed, with the unemployment rate climbing to a 25-year high of 8.9% in April from 8.5%.

Stocks rallied in response to the jobs report and signs the U.S. banking sector is in better shape than previously thought.

The price of oil tends to rise and fall with the major indexes since many traders view stocks as a leading indicator of future energy demand.

"The overwhelming sense in the market is that the economy is improving and that traders and hedge funds don't want to miss out on buying at relatively low levels," said Tom Pawlicki, energy analyst at MF Global, in a research report.

Oil is up 72.5% since closing at $33.98 a barrel on Feb. 12. Prices have been boosted by better-than-expected readings on the housing market, manufacturing activity and consumer sentiment.

Those so called green shoots have raised hopes that economic activity and the world's thirst for oil are poised for a rebound.

But ongoing concerns about weak demand for energy and historically high inventory levels have weighed on the market. Since peaking in July, the price of oil has come down more than $90 a barrel.  To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.