Crude oil futures are showing some sign of recovery after suffering a sharp decline in last session on weak jobs data. Though, the mood still remains cautious as traders waited for some sign of recovery in demand prospects. A weaker-than-forecast US nonfarm payrolls data has fuelled fears that the economic recovery is losing momentum, reducing hopes for higher oil demand.
Benchmark crude oil futures for May delivery gained 35 cents to $93.05 a barrel in electronic trading on the New York Mercantile Exchange. In London Brent crude for May settlement rose 33 cents to $104.45 a barrel on the ICE.
Source by Commodity Insights
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