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Oil prices climb in Asian trade

SINGAPORE, Dec 09, 2013 (BSS/AFP) – Oil prices rose in Asian trade Monday as robust US jobs data boosted hopes for stronger
energy demand in the world’s biggest economy.
New York’s main contract, West Texas Intermediate (WTI) for January delivery, was up 23 cents at $97.88 a barrel in mid-
morning trade, while Brent North Sea crude for January rose 13 cents to $111.74.
Singapore’s United Overseas Bank said in a research note that prices were supported “by the outlook for increased demand
after strong jobs data from the US, the world’s top oil consumer”.

The US government reported last week that the unemployment
rate fell sharply to 7.0 percent in November from 7.3 percent in
October.

The data, which pointed to further strength in the US
economy, also saw a better-than-expected surge of 203,000 jobs
generated.

As the world’s largest oil consuming nation, the health of
the American economy has a major influence on the crude oil
market.

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