Crude prices rebounded Friday as data showed the U.S. jobless rate dropped to a six-year low in September, bolstering the oil demand outlook.
U.S. Labor Department reported Friday that U.S. unemployment rate edged down to a fresh six-year low of 5.8 percent in October from 5.9 percent in the previous month. Analysts said the drop of unemployment rate implies more people will be consuming goods and driving, which bodes well for fuel demand.
Global oil demand is expected to increase by over 21 million barrels per day (mb/d) from 2013 to 2040, reaching 111.1 mb/d by 2040, the Organization of Petroleum Exporting Countries (OPEC), supplier of a third of the world's crude, said in its annual World Oil Outlook Thursday.
Crude prices got further support as the U.S. dollar declined against other major currencies on Friday. A weaker greenback makes the dollar-priced crude less expensive and more attractive for buyers holding other currencies.
Light, sweet crude for December moved up 0.74 U.S. dollars to settle at 78.65 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose 0.53 U.S. dollars to close at 83.39 dollars a barrel.