| Oil rebounds on job data, Greek hopes |
| Last Updated(Beijing Time):2012-03-08 10:07 |
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U.S. crude oil price rebounded on Wednesday as U.S. private sector created more jobs in February and investors hoped for the Greek debt swap deal on Thursday.
ADP job data showed that U.S. private payrolls added 216,000 in February, sharply higher than January's 173,000, exceeding analysts' estimates and generating hopes for the upcoming wider employment report due on Friday.
Investors were waiting for Thursday's Greek debt swap deal. Until now, 30 banks and funds representing nearly 40 percent of Greece's outstanding debt agreed to participate, giving markets the hopes that the deal would go through and the international bailout fund of 130 billion euros would be secured.
On Wednesday, the U.S. Energy Information Administration reported that U.S. crude inventories added 800,000 barrels in the week ending March 2. But gasoline decreased 400,000 barrels and distillates dropped 2.1 million barrels in the week.
Light, sweet crude for April delivery added 1.46 dollars, or 1. 39 percent to settle at 106.16 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for April delivery also gained and last traded around 124 dollars a barrel. |
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