Oil Caps Longest Weekly Gain Streak Since ’09

il rose in New York to cap the longest streak of weekly gains in more than two years on speculation that an unexpected drop in the U.S. jobless rate will spur fuel demand.

Oil increased to a three-month high after the Labor Department said unemployment declined to 9 percent in October, less than the 9.1 percent median estimate in a Bloomberg News survey of economists. Earlier, prices slid as the Group of 20 nations failed to agree to boost International Monetary Fund resources to fight Europe’s debt crisis.

“The jobs report looks positive for the economy in a sense that we are seeing signs of recovery,” said Carl Larry, president of Oil Outlooks & Opinions LLC in New York. “We don’t know if Europe is going to be a bullish or bearish sign for the market, depending on what they want to do going forward.”

Crude oil for December delivery rose 19 cents, or 0.2 percent, to $94.26 a barrel on the New York Mercantile Exchange, the highest settlement level since Aug. 1. Prices are up 1 percent since Oct. 28. Oil has risen for five consecutive weeks, the longest streak since the period ended April 3, 2009. Futures have risen 3.2 percent this year.

Brent oil for December settlement gained $1.14, or 1 percent, to $111.97 a barrel on the London-based ICE Futures Europe exchange.

The unemployment rate fell from 9.1 percent in September, the Labor Department said today in Washington.

Nonfarm payrolls increased 80,000 last month, the slowest pace in four months, the government data showed. The median estimate in a Bloomberg News survey was for a gain of 95,000. The department also revised higher the job gains of the previous two months by 102,000.

U.S. Economy

The U.S. economy is “underperforming,” President Barack Obama said at a news conference in Cannes, France, where he was attending the meeting of G-20 leaders. The Labor Department’s figures “were positive but indicate once again that the economy’s growing way too slow.”
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