Crude oil prices moved sharply higher in New York, topping $98 per barrel as the U.S. added 157,000 jobs in June.
Positive data on jobs helped boost confidence in the market. On the New York Mercantile Exchange, oil prices added $1.73 to reach $98.39 per barrel.
Data that was recently lean looked a little more plump. Automatic Data Processing, which compiles jobs data on the private sector, said a month ago only 38,000 jobs were added in May.
Home heating oil prices added 7.96 cents to $3.0429 per gallon. Reformulated blendstock gasoline prices gained 8.09 cents to $3.0785 per gallon.
At the pump, the national average price of unleaded gasoline rose from Wednesday's $3.569 per gallon to $3.583.
Crude Oil Tops $98
Source: UPI (7/7/11)
"Crude oil prices topped $98 per barrel as the U.S. added 157,000 jobs in June."