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Oil price hits two-year high amid Nigeria rig attack

• news.ph.msn.com

New York's main contract, light sweet crude for delivery in December, struck 87.49 dollars a barrel -- the highest point since late 2008.

It later pulled back to stand at 86.58 dollars, down 27 cents compared with Friday's close.

In London, Brent North Sea crude for December fell 36 cents to 87.75 dollars a barrel. Analysts said prices were still profiting from strong US employment figures.

"Better-than-expected US labour market data have created optimism among financial investors and this could revive the demand for oil in the US, the world's largest oil consumer," said Commerzbank analyst Carsten Fritsch.

On Friday, the US Labor Department reported a surprising 151,000 non-farm jobs were added in October, snapping a four-month streak of payroll losses and more than double the 60,000 forecast by most analysts.
 
 

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