West Texas
Intermediate crude rose for a second day as Russian President Vladimir Putin
said his nation will assist
Prices
climbed as much as 1.8 percent. Putin said that
“Will we
help
Crude also
gained on speculation that the Federal Reserve will limit its stimulus
reduction following slower-than-expected jobs growth. Prices also climbed as
the Labor Department said non-farm payrolls grew 169,000 last month, less than
180,000 median forecast of 96 economists. The move followed a revised 104,000
rise in July that was smaller than the initial estimate of 162,000.
The
unemployment rate, derived from a survey of households rather than employers,
dropped to 7.3 percent, the lowest level since December 2008. The participation
rate, which indicates the share of working-age people in the labor force,
declined to 63.2 percent, the least since August 1978, from 63.4 percent.
WTI for
October delivery gained $1.73, or 1.6 percent, to $110.10 a barrel at 11:16
a.m. on the New York Mercantile Exchange. Prices are up 2.3 percent this week.
Volume of all futures was 3.7 percent below 100-day average.
Brent for
October settlement rose 91 cents, or 0.8 percent, to $116.17 a barrel on the
ICE Futures Europe exchange. The volume of all futures traded was near the
100-day average.