http://www.marketwatch.com/story/oil-tops-109-adds-to-gain-after-jobs-report-2013-09-06
SAN FRANCISCO (MarketWatch) — Oil futures settled higher on Friday as traders took in a weaker-than-expected jobs report and as the conflict over Syria intensified, lifting prices back above $110 a barrel to their highest close in 28 months.
Oil for October delivery CLV3 -0.57% advanced $2.16, or 2%, to settle at $110.53 a barrel on the New York Mercantile Exchange after touching a high at $110.70. Prices closed 2.7% higher for the week.
China’s position on Syria
World leaders gathering for a summit remained divided over whether to back punitive military strikes against the Syrian regime.
Friday’s settlement was the highest for a front-month contract since May 3, 2011. Prices had more recently topped $110 on Aug. 28, when they closed at $110.10.
On Thursday, the contract gained 1.1% as a weekly government report roughly matched expectations for crude supplies.
Oil prices are likely to climb further as the conflict in Syria “morphs into a multi-country standoff,” Jeffrey Sica, president and chief investment officer of Sica Wealth Management, said in a recent email.
“The staring contest between Russian and U.S. ships in the Mediterranean is accomplishing nothing to stabilize the situation,” he said. “The greater the likelihood of a broad-based conflict, the more oil will surge.”
