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Oil ends higher after volatility
Last Updated(Beijing Time):2012-05-11 08:33

Crude oil price ended higher on Thursday after volatility as investors weighed more OPEC supplies against U.S. upbeat jobs data.

The Labor Department said U.S. initial jobless claims declined 1,000 last week, against a forecast for an increase. The better- than-expected report eased fears that U.S. jobs market tended to be sluggish after the sluggish payrolls report in April, boosting the crude prices.

But the Organization of the Petroleum Exporting Countries said it pumped 1.62 million barrels more per day, to 31.62 million barrels per day in April as Iraq raised output and Libya's oil production resumed. More output posted pressure.

To add to the pressure, China's trade data came in weak, causing concerns about the world second largest oil consumer's future demand. Besides, worries about Greek political instability lingered.

Light, sweet crude for June delivery gained 27 cents, or 0.28 percent to settle at 97.08 dollars a barrel on the New York Mercantile Exchange. But in London, Brent crude for June delivery declined 47 cents, or 0.42 percent to close at 112.73 dollars a barrel.

Source:Xinhua 
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