Oil rises above $113 after US jobs data

London Oil climbed above $113 (Dh415) per barrel Thursday as dealers weighed relatively encouraging US jobs figures against weaker-than-expected Chinese trade data.

Downbeat comments by the Organisation of Petroleum Exporting Countries also weighed on the market. The group's monthly report said oil supply was plentiful and in excess of market requirements. Brent crude rose 32 cents to $113.52 a barrel, while US crude climbed 65 cents to $97.41 after reports showed new US jobless claims fell slightly last week. Brent has fallen sharply from highs of around $126 per barrel in April due to worries about political turmoil in Europe and a growing conviction that the market is well supplied.

"Brent seems to be bottoming out," said Carsten Fritsch, oil analyst at Commerzbank. "But I do not expect to see much of a rebound in the coming days due to physical oversupply and a weak Eurozone."

China's exports and imports in April grew at a far slower rate than forecast, government data showed. Its trade performance last month was also surprisingly weak.