1st LD Writethru: U.S. oil price rebounds on strong jobs data
Xinhua, March 10, 2015 Adjust font size:
U.S. crude price rebounded Monday as investors re-evaluated the impact of February strong jobs data.
Total nonfarm payroll employment increased by 295,000 in February, well above market expectations, and the unemployment rate edged down to 5.5 percent, the U.S. Labor Department said in a report Friday.
Investors bought dip after last week's sharp decline. In the last session, oil prices shed 2 percent after the jobs report.
However, the global supply glut continued to weigh on the market, especially the Brent oil.
U.S. crude production reached 9.324 million barrels a day last week, the highest level since 1983, according to the Energy Information Administration, the Energy Department's statistical arm.
Meanwhile, there is little sign that Organization of Petroleum Exporting Countries, maintaining its collective output quota at 30 million barrels a day, would cut its production in response to oil slump.
Light, sweet crude for April delivery gained 39 cents to settle at 50.00 dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery moved down 1.2 dollars to close at 58.53 dollars a barrel. Endite