AFP reported that oil prices rose after 4 days of losses aided by worries over clashes on the Syria and Turkey border and a weaker dollar on the eve of keenly awaited US jobs data.
Analysts said that New York's main contract, WTI light sweet crude oil for November advanced USD 3.57 to USD 91.71 per barrel. Brent North Sea crude for delivery in November rallied USD 4.41 to stand at USD 112.58 per barrel in late London trade.
Mr Fawad Razaqzada analyst at trading group GFT Markets said that "The bounce was in part technically driven while raised supply side concerns stemming from the escalation of conflicts between Turkey and Syria also lent support. But I think the bounce will be short lived as traders are likely to wait until Friday is over before taking on any bold positions. Tomorrow's nonfarm payroll number is eagerly anticipated and could provide near term direction."
The US Labor Department releases figures for September job creation and unemployment with analysts expecting little change from August's unimpressive numbers.
Mr Ali Naimi oil minister of Saudi reiterated the commitment of the world's leading crude exporter to keep prices from rising. Despite the mixed global economic backdrop, oil prices have remained high. There is no shortage of oil, inventories remain adequate and any additional demand can and will be met.
