Crude oil futures pare some of their losses, look up for weekly gains

Crude oil futures looked poised to pare their losses and head for their first weekly gain in three, according to the New York Mercantile Exchange. The oil commodity’s sharp rise was propelled by announcements from the U.S. Labour Department that claim the nation has gained new jobs over the month.

The announcement bolstered faltering crude oil investments as much as 0.6%, pushing the oil commodity futures to their biggest rally since last February. Reports from Europe also indicate that the European Central Bank began a round of massive bond purchasing in order to combat the region’s massive debt crisis. In addition, crude oil stockpiles in the U.S. and on the decline, plunging to their lowest marks since the first month of the year and balancing the cooling global demand effectively.

Economists and investors now await patiently the outcome of the Labour Department’s latest reports. If the U.S. manages to sustain their jobless rates or even show a slight improve, then crude oil investments will likely see a prolonged rally, something that the sector and its primary commodity futures have been lacking for months.

Crude oil prices for delivery in November rose almost 50 cents and now sit comfortably at $83.08 per barrel. The oil commodity futures are up a considerable 4.3% this week alone, helping crude oil trim down some of the losses it sustained over the year.

Brent crude oil futures fell slightly to $105.65 per barrel. The European commodity currently holds $23.09 over New York figures, which are significantly down from the record high $26.87 difference it displayed in early September.

The clinchers in crude oil’s race back up the charts remain the ongoing debt crisis in Europe and persisting unemployment rates in the U.S. The sector has however gained some unexpected speed, when reports claimed production issues stemming from Libya, whose full scale return to the markets will likely affect global crude oil investments.

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