Oil Prices above $83 Per Barrel on Jobs Increase

October 7, 2011 - 9:20 AM
Oil Prices

A gas station attendant fills up an automobile's tank with the gallon price of $3.17 in Wakefield, Mass., Tuesday, Oct. 4, 2011. Oil tumbled to below $76 a barrel Tuesday as fears intensified that Greece may not be able to crawl out from beneath a mountain of debt without defaulting.(AP Photo/Charles Krupa)

New York (AP) — Oil prices are rising after a burst of hiring in the U.S. calmed fears of a new recession.

Benchmark crude rose 60 cents to $83.19 per barrel in New York on Friday, while Brent crude lost 9 cents at $105.64 in London.

Oil recovered from 12-month lows this week as European leaders took steps to control the region's lingering debt crisis. Prices jumped again Friday after the Labor Department said employers added 103,000 jobs last month. The government said the country also added more jobs than previously estimated in July and August.

More jobs means gasoline demand could rise in coming months as more drivers return to the daily commute.

Meanwhile gasoline pump prices held steady at a national average of $3.39 per gallon.