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The cost of oil increased today and for the week shows already the longest weekly winning streak in more than eight years. Note that this growth was due to the publication of reports on the U.S., which showed that the number of employees, as well as the volume of production increased last month.
Futures and stocks rose after the Labor Department said the number of jobs outside the agricultural sector in the U.S. has increased by 157,000 jobs in January, down from a revised increase of up to 196,000 jobs in December. In addition, the figure for November was revised from 161 thousand to 247 thousand. Economists had expected employment to increase by about 165,000 jobs compared to the addition of 155,000 jobs, which was originally reported in the previous month.
Meanwhile, the data also showed that in the last month, the manufacturing index of the Institute for Supply Management reached a level of 53.1, up from 50.2 the previous month, which is a nine-month high. According to analysts, the index would rise only to 50.7.
In addition, it was reported that an increase in oil production in the U.S. and Canada, and the lack of demand led to an increase in inventories in Cushing, Oklahoma, which is the delivery point for WTI. The Energy Information Administration said that supplies to the center increased by 284,000 to 51.7 million barrels last week, while stocks rose to a record 51.9 million in the week ended January 11.
March futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 97.83 dollars a barrel on the New York Mercantile Exchange. Duration of the February futures expire today.
March futures price for North Sea petroleum mix of mark Brent rose $ 1.29 to $ 116.87 a barrel on the London Stock Exchange ICE Futures Europe.
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