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Oil futures trades above $58

09 May 2009 11:09 (UTC +04:00)

Baku. Vahab Rzayev â€“APA. Nymex crude oil June futures traded over $1.92 or 3.4% higher above $58 a barrel on May 8, APA â€“Economics reports. The front-month June Brent contract on London’s ICE futures exchange was up $1.41 at $57.88 a barrel. Oil price was increased due to the reports about the strength of economic optimism tested by U.S. employment data. The U.S. economy is forecast to have shed 610,000 jobs in April, after a 663,000 fall in March. Hopes were raised ahead of the report however, after the ADP employment index released Wednesday showed U.S. private-sector employment fell by 491,000 jobs in April, the smallest decline since October.
The raising of indexes in the US and European markets on May 8 also played positive role. The indexes rose by 1.9-2% due to the macroeconomic factors in the United States and positive reports of the European companies.