Oil rises as jobs report gives fuel to Fed hopes
NEW YORK (AP) — The price of oil finished higher Friday as concerns about a disappointing U.S. employment report gave way to the likelihood of action by the Federal Reserve.
Benchmark crude rose 89 cents to finish at $96.42 per barrel, after an initial negative reaction to the morning's jobs report. The price dropped nearly $2 in the first hour of trading on the New York Mercantile Exchange after the government reported that the economy added a weaker-than-expected 96,000 jobs last month.
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