Oil futures rise as job growth surges

Oil futures rallied yesterday erasing losses on strong jobs data and US government forecasts for lower domestic crude production growth and higher global demand for oil.

US job openings surged to a 14-year high in February the Labour Department said in its monthly Job Openings and Labour Turnover Survey, lifting oil prices

“That report was certainly quite strong and strong employment equals strong gasoline demand,” said John Kilduff, partner at Again Capital LLC in New York. Oil got more support from news that Minneapolis Fed president Narayana Kocherlakota made a case for waiting until the second half of 2016 to raise interest rates.