Oil prices rose, with rising above $ 104 a barrel, after U.S. jobs data confirmed that the U.S. economy continues to gain momentum.

It is learned that the U.S. employers added 175,000 jobs in May, but the unemployment rate rose to 7.6% from 7.5% in April.

Economists had forecast that payrolls will rise by 163,000 and the unemployment rate will be the same.

These come at a time when the economic recovery showed some signs of slowing down. The Federal Reserve believes that the ability to create jobs is strong enough to start reducing their purchases of bonds.

Fed's massive bond purchases have been a boon for the financial markets, so investors with sadness the statement by Fed chairman Ben Bernanke last month that the central bank may decide to start slowing down the pace of bond purchases at one of his "closest meetings," if the economy continues to improve. As a result, recent data have been carefully studied for signs that the government's spending cuts and tax increases could undermine the recovery, especially after the new series of federal spending cuts known as sequestration, which entered into force on 1 March. Gauges of manufacturing activity continued to show strengthening.

We also add that the news of the fall in U.S. crude inventories also supported prices. The data showed that oil stocks at Cushing, Oklahoma, fell by more than 1 million barrels per day from May 31 to June 4.

The cost of the July futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 95.73 dollars a barrel on the New York Mercantile Exchange.

July futures price for North Sea Brent crude oil mixture rose $ 0.95 to $ 104.47 a barrel on the London exchange ICE Futures Europe.

Gold prices declined significantly, losing at the same time by more than 2% after the employment data in the U.S. were higher than forecasts of experts, supporting hopes that the recovery in the largest economy in the world is still on track.

According to a report released by the Ministry of Labor, employment in May in the United States rose slightly more than expected by economists., The report said that in May, the number of jobs outside the agricultural sector in the U.S. in May rose by 175 thousand after a downwardly revised increase of 149 thousand jobs in April.

Economists had expected employment to increase by about 163 thousand jobs compared to the addition of 165 thousand jobs, which originally reported for the previous month. Despite the continued growth in the number of jobs, the unemployment rate rose to 7.6% in May from 7.5% in April, reflecting an increase in the labor force.

Also, a report showed the number of jobs in the private sector in the U.S. in May increased by 179 thousand, while the number of jobs in the U.S. manufacturing in May declined by 8 thousand, and in the service sector increased by 176 thousand number of jobs in the budget U.S. in May decreased by 3 thousand, and the federal decreased by 14 thousand

Meanwhile, economists say that the latest report can expedite the completion of the Fed's quantitative easing program.

In addition, it is worth noting that the price of gold affects the situation in India, where the government continues its efforts to curb the import of gold. It was learned that the Reserve Bank of India has extended the restrictions on loans secured by gold coins per customer for all co-operative banks. This came after India announced another increase in its import duty on gold earlier this week.

The data also showed that the stocks in the SPDR Gold Trust fell yesterday by 2.7 tons to 1,007.74, while the outflow resumed, after during the week stocks remained unchanged.

The cost of the August gold futures on COMEX today dropped to 1384.30 dollars an ounce.

Change % Change Last

GOLD 1,415.70 17.30 1.24%

OIL (WTI) 94.61 0.87 0.93%