Oil prices rose on Friday amid better U.S. employment data in April.U.S. unemployment rate declined to 7.5 percent in April from 7. 6 percent in March, its lowest level since December 2008, the Labor Department reported on Friday.
In April, the number of total unemployed Americans stood at 11. 66 million, down from 11.74 million in March, said the department. Employment rose in various sectors last month, including transportation, utilities, retail trade and health care.
The employment report provides further evidence that the economy of the U.S., the world's largest oil consumption country, is continuing to recover,
The recent rebound of crude is a result of more confidence in the global economy as European Central Bank and U.S. Federal Reserve decided to stimulate growth.
The European Central Bank on Thursday cut its benchmark refinancing rate by 25 basis points to a record low of 0.5 percent. Meanwhile, the U.S. Federal Reserve kept its stimulus policy in place after its policy meeting on Wednesday.
Light, sweet crude for June delivery jumped 1.62 dollars, or 1. 72 percent to settle at 95.61 dollars a barrel on the New York Mercantile Exchange.
Brent for June delivery added 1.34 dollars, or 1.3 percent, to close at 104.19 dollars a barrel.