Oil price rises towards $70
News & Trends •
oil markets climbed on monday on the back of a drop in the number of united states rigs drilling for more production and as the u.s. economy continued to create jobs which industry hopes will drive higher fuel demand1 brent sweet crude was at 65.70 dollars per barrel up 21 cents or 0.3 per cent from their previous close1 a falling rig count and the strong employment data may have helped support prices said william oloughlin investment analyst at rivkin securities1 the u.s. economy added the biggest number of jobs in more than 1-12 years in february with non-farm payrolls jumping by 313000 jobs last month the labor department said on friday1 in oil markets u.s. energy companies last week cut oil rigs for the first time in almost two months rig-ol-usa-bhi with drillers cutting back four rigs to 796 baker hughes ge.n energy services firm said on friday.reutersnan1