NewsCrude stabilizes around $80 per barrel this morning, while awaiting the release of the U.S jobs report
AnalysisCrude traded above $80 per barrel in the Asian session, supported by upside momentum that covered equity markets, with expectations for the US jobs market to continue to reflect improvement.

U.S equities managed to rise yesterday after a wave of optimism dominated financial markets, following the drop in weekly jobless claims which eased fears about today’s nonfarm payrolls; unemployment in January recorded 9.7%, after reaching %10.1 in previous months.

Asian shares trailed their American counterparts and bullishness controlled the market, supporting oil prices to remain above $80 per barrel, where April's contracts recorded the highest at $80.77 per barrel compared to its lowest at $80.45 per barrel, as it opened at $80.55 per barrel.

Crude prices were backed by expectations for OPEC, which pumps around 40% of global oil supply, of reducing their oil shipments by 2.3% to 22.87 million barrels daily in the month ending February 20th, compared to previous levels at 23.42 million barrels per day.

The S&P GSCI closed yesterday at 519.73 after dropping 5.72; whereas the RJ/CRB commodity index declined by 2.91 to close at 274.80.

In NYMEX as of 03:30 EST; future heating contracts rose to record $207.500 per gallon by $0.630; motor gasoline is trading around $224.610 per gallon after climbing by $1.240; whereas natural gasoline declined by $0.022 to record $4.553 per 1000 cubic feet. In London, Brent gained by $0.370 to record $78.910.