Crude oil prices rose by 0.80 per cent on Friday after the number of people who filed for unemployment assistance in the US fell less than expected, but remained in territory usually associated with a firming labor market which raised the demand outlook for the fuel. The US Department of Labor said the number of individuals filing for initial jobless benefits in the week ending January 1 decreased by 10,000 to a seasonally adjusted 277,000 from the previous week’s total of 287,000, which was the highest since mid-July. At the MCX, futures for December 2015 contract were trading at Rs. 2,272 per barrel, up by 0.80 per cent, after opening at Rs. 2,262 against the previous closing price of Rs. 2,254. It touched the intra-day high of Rs. 2,276 till the trading.
Sentiment improved further after the euro zone’s unemployment rate fell to the lowest level in more than four years in November, fueling optimism over the health of the region's economy. Eurostat said that the euro zone’s unemployment rate fell to a seasonally adjusted 10.5 per cent from 10.6 per cent in October. This is the lowest rate recorded in the euro area since October 2011.
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