Oil up more than 2% on U.S. jobs data but virus fears cap gains - Reuters

Oil up more than 2% on U.S. jobs data but virus fears cap gains - Reuters:

Oil futures gained more than 2% on Thursday, supported by a drop in U.S. unemployment and a drawdown in crude inventories, but a resurgence in U.S. coronavirus infections fanned concerns that economic activity will weaken in coming weeks.

New COVID-19 cases in the United States rose by nearly 50,000 on Wednesday, the biggest one-day increase since the start of the pandemic.

Numerous states are advising citizens to restrict movements and closing businesses and restaurants again, which is expected to hamper job growth.

Brent crude LCOc1 futures settled at $43.14 a barrel, rising $1.11, or 2.6%. U.S. West Texas Intermediate (WTI) crude CLc1 futures settled at $40.65 a barrel, up 83 cents, or 2.1%.