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Oil Rises for Third Day on U.S. Jobless Claims, Greek Austerity Agreement

Bloomberg.com -- Oil rose for a third day as the number of Americans filing first-time unemployment claims unexpectedly declined and Greek political leaders struck a deal on a package of austerity measures.

Futures advanced as much as 1.5 percent after the Labor Department said applications for jobless benefits decreased 15,000 in the week ended Feb. 4 to 358,000. The Greek government has reached the agreement required for a 130 billion-euro ($173 billion) financing package, according to an e-mailed statement from Prime Minister Lucas Papademos’s office in Athens.

“The jobs data showed the U.S. economy is definitely looking better than it was, and it’s providing some strength to oil,” said Kyle Cooper, director of research for IAF Advisors in Houston. “Greece is probably the driving factor for the

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Submitted Feb 09, 2012 By: robertscd

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amerk73 Champion Author Dallas Posts:5,235 Points:1,260,980 Joined:Oct 2008	Message Posted: Feb 9, 2012 11:50:52 PM Ignore amerk73 Report Abuse Brent Crude Oil now at $118.59
amerk73 Champion Author Dallas Posts:5,235 Points:1,260,980 Joined:Oct 2008	Message Posted: Feb 9, 2012 11:50:27 PM Ignore amerk73 Report Abuse WTI Crude Oil now at $99.54
jjjleblanc Champion Author Rochester Posts:4,737 Points:1,200,040 Joined:Jun 2008	Message Posted: Feb 9, 2012 8:51:41 PM Ignore jjjleblanc Report Abuse Sounds like someone's excited about going for the consecutive day record.
TomT2Lee Champion Author Cincinnati Posts:4,225 Points:1,267,755 Joined:Sep 2005	Message Posted: Feb 9, 2012 7:41:17 PM Ignore TomT2Lee Report Abuse and you can trust that the US government is only giving the straight truth?
Lugi1967 Champion Author Ohio Posts:3,132 Points:651,095 Joined:Jun 2010	Message Posted: Feb 9, 2012 6:17:09 PM Ignore Lugi1967 Report Abuse And it was doing so well
PathfinderSC Champion Author South Carolina Posts:7,717 Points:1,472,965 Joined:Mar 2008	Message Posted: Feb 9, 2012 5:08:52 PM Ignore PathfinderSC Report Abuse They don't need a reason now to up the prices. With this Government they know they can get away with it.
hoosierva All-Star Author Indianapolis Posts:983 Points:240,525 Joined:Jul 2011	Message Posted: Feb 9, 2012 3:33:19 PM Ignore hoosierva Report Abuse they do not need any reason for oil prices to rise now, it is just another excuse.
tnfran Champion Author Arizona Posts:2,571 Points:497,715 Joined:Dec 2010	Message Posted: Feb 9, 2012 2:40:52 PM Ignore tnfran Report Abuse So now oil prices are tagged with the "employment figures and not supply and demand".
AllMadd52 Rookie Author Nashville Posts:6 Points:19,170 Joined:Feb 2012	Message Posted: Feb 9, 2012 2:04:22 PM Ignore AllMadd52 Report Abuse Gotta Get Obama out before the Drastic changes can start.
snpfood Rookie Author Florida Posts:12 Points:63,490 Joined:Oct 2011	Message Posted: Feb 9, 2012 1:56:36 PM Ignore snpfood Report Abuse absolutely
RochBear Champion Author Minnesota Posts:9,123 Points:1,518,780 Joined:May 2006	Message Posted: Feb 9, 2012 1:28:40 PM Ignore RochBear Report Abuse The USA is only 6 years behind Greece - unless we make DRASTIC changes in our Gov't spending.