Oil prices rose above $84 a barrel today in Asia as investors look to this weeks key jobs report for evidence the U.S. economy is improving. Benchmark oil for January delivery was up 46 cents to $84.22 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 10 cents to settle at $83.76 on Friday.
Traders will be closely watching Fridays unemployment numbers for signs more Americans are going back to work as the economy slowly recovers from last years recession. Crude advanced despite a stronger dollar. The euro fell to $1.3220 on Monday after European Union nations agreed to give 67.5 billion euros ($89.4 billion) in bailout loans to Ireland on Sunday.
Oil normally falls as the dollar strengthens since crude becomes more expensive for investors with other currencies. "Oil is possibly detaching further from the strong dollar while placing greater emphasis on increasing indications of favorable U.S. economic guidance," Ritterbusch and Associates said in a report. "The important November employment report could prove pivotal in determining the course of the oil trade across December."