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| Oil price rises despite jobs data | |
| (about 4 hours later) | |
| Oil prices have risen by almost $2 - shaking off concerns that rising US unemployment would weaken demand for oil among US consumers. | |
| US light crude initially fell after the job data was released, but a rally on Wall Street helped it move ahead. | |
| Light, sweet crude rose by 77 cents to $41.94 a barrel having fallen towards $39 earlier. London Brent rose 68 cents to $47.14. | |
| US shares rose as the market awaited news of the economic stimulus package. | |
| The US unemployment rate rose to 7.6% in January, up from 7.2% in December, according to official figures - the highest level since 1992. | The US unemployment rate rose to 7.6% in January, up from 7.2% in December, according to official figures - the highest level since 1992. |
| The rapid rise in unemployment suggests the US recession is deepening. | The rapid rise in unemployment suggests the US recession is deepening. |
| Companies as well as individuals are cutting back on spending. | Companies as well as individuals are cutting back on spending. |
| Cutbacks | Cutbacks |
| The economic slowdown has curbed demand for fuel around the world. Its current price is more than $100 below the record price of close to $150 a barrel seen last July. | The economic slowdown has curbed demand for fuel around the world. Its current price is more than $100 below the record price of close to $150 a barrel seen last July. |
| Officials from the producers cartel, the Organization of the Petroleum Exporting Countries (Opec) have said that current price level is too low for its members to make enough revenue or encourage investment in new supply. | Officials from the producers cartel, the Organization of the Petroleum Exporting Countries (Opec) have said that current price level is too low for its members to make enough revenue or encourage investment in new supply. |
| Last month Opec agreed to cut a further 2.2 million barrels per day (bpd) in a bid to increase the price, on top of the 2 million bpd scale-back it put in place in September. | Last month Opec agreed to cut a further 2.2 million barrels per day (bpd) in a bid to increase the price, on top of the 2 million bpd scale-back it put in place in September. |