Oil Prices Are Way Up

High Jump

WTI crude oil prices shot up over 5 per cent on this morning’s strong non-farm payroll number, reaching at least $91.53.

It’s the largest gain in a month, according to Bloomberg.

Brent oil prices also showed strong gains, rising 2.5 per cent to $108.58.

Contracts also built on this week’s bullish EIA storage report showing declines of 27, 225 thousand barrels per day.

Oil giants were trading higher, led by a gain from Total S.A. of 4.4 per cent.

Natural gas prices, meanwhile, failed to capitalise on the NFP report, with September contracts down -0.6 per cent. 

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.