Oil bounces back but gains limited

AFP, SINGAPORE: Oil prices rebounded in Asia yesterday but stayed below $45 a barrel as gains were limited by a strong dollar and data showing a decline in Chinese crude imports.
US benchmark West Texas Intermediate was trading 35 cents higher at $44.64 and Brent crude was up 38 cents at $47.80 a barrel.
A bullish US jobs market report last week sent the dollar higher, which would make dollar-priced oil more expensive for holders of weaker currencies, hurting demand and prices.
The US government released a surprisingly strong October jobs report that showed the US economy still growing at a firm rate, with the unemployment rate falling to 5.0 per cent on the back of 271,000 new jobs created, nearly double the number in September.

Oil bounces back but gains limited

AFP, SINGAPORE: Oil prices rebounded in Asia yesterday but stayed below $45 a barrel as gains were limited by a strong dollar and data showing a decline in Chinese crude imports. US benchmark West Texas Intermediate was trading 35 cents higher at $44.64 and Brent crude was up 38 cents at $47.80 a barrel. A bullish US jobs market report last week sent the dollar higher, which would make dollar-priced oil more expensive for holders of weaker currencies, hurting demand and prices. The US government released a surprisingly strong October jobs report that showed the US economy still growing at a firm rate, with the unemployment rate falling to 5.0 per cent on the back of 271,000 new jobs created, nearly double the number in September.