6th August 2012
Investors will be looking to see if Brent crude futures build on the momentum gained last Friday (August 3rd) when they hit a 10-week high.
There was also a big advancement for US crude as its price jumped five per cent, Reuters reports.
Both commodities were helped by better than expected data in the US jobs market where even though there was a small rise in the unemployment rate, there was a larger rise in the number of positions created during July.
As a result the 19-commodity Thomson Reuters-Jefferies CRB index gained 2 per cent, as a weak dollar fuelled bull market sentiment.
Brent crude continues to gain from the uncertainty surrounding North Sea oil production.
It is expected that maintenance work being carried out in the British sector of the fields will cut supply next month.
This morning saw the price of Brent crude reach $106 per barrel.
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