US crude gains amid jobs data

Oil price: US crude posted gains despite lagging demand

AP/SCANPIX

News Wires

 04 January 2013 22:02 GMT

Brent crude fell on Friday as a US government report showing weak demand for fuel by the world's top consumer outweighed a jobs report that showed employers kept the pace of hiring steady in December.

Gasoline led the oil complex lower on the day, off more than 1%, after data from the US Energy Information Administration showed a steep build in stockpiles last week and demand continuing to lag year-ago levels by 2.3%, Reuters reported.

The report added to bearish concerns about oil markets, which have been closely monitoring economic data for signals about consumption, which is under pressure because of the struggling economy.

As Brent fell, US crude rose slightly, narrowing the international benchmark's premium to the US marker, in part due to the start of an…

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