Oil surged the most in a month after U.S. payrolls climbed more than estimated and service industries expanded at a faster pace, bolstering optimism about economic strength in the world’s biggest crude-consuming country, Bloomberg Businessweek reports.
Payrolls gained 163,000 in July, Labor Department figures showed today in Washington. The Institute for Supply Management’s non-manufacturing index unexpectedly rose.
On the New York Mercantile Exchange, oil futures for September delivery climbed 4.9 percent to $91.40 a barrel, the highest settlement since July 20.
Brent oil for September settlement advanced 2.8 percent to $108.87 a barrel on the London-based ICE Futures Europe exchange.
