Oil futures settled higher on Friday on bets of increased fuel demand after a stronger than expected jobs report for May.

US employers' added 217,000 new jobs last month, compared to a revised 282,000 a month earlier, figures from the Labor Department showed. May's figure was better than the 215,000 increase pencilled in by analysts.

The unemployment rate remained steady at 6.3%, a touch lower than the 6.4% predicted by the market.

Crude for July delivery firmed 18 cents or 0.2% to close at $102.66 a barrel on the New York Mercantile Exchange. However for the week, oil futures slipped 0.05% as investors continue to monitor ample US supply levels.

On Wednesday, ADP's job report showed the US economy added 179,000 jobs in May after April's 220,000 increase.

The Federal Reserve is closely monitoring the US job market and its strength will be a key factor in whether the central bank will continue tapering bond purchases and when it will hike interest rates.

European benchmark Brent crude rose 16 cents or 0.2% to $108.95 a barrel on ICE futures exchange.

Among precious metals, gold futures settled lower on Friday as the day's big job numbers largely met market expectations.

Gold for August delivery lost 80 cents to settle at $1,252.50 an ounce on the Comex division of the New York Mercantile Exchange.

July silver was down 8 cents or 0.4% to $19 an ounce while copper for July delivery fell 4 cents to $3.05 a pound.



CJ

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