Oil price rises as jobless rate falls

NEW YORK (AP) — Oil prices hit a new 30-month high today after the world’s top two oil consumers, the U.S. and China, issued positive economic reports that could lead to increased demand.

The U.S. said its economy added 216,000 new jobs last month and the unemployment rate dropped to 8.8 percent, a two-year low. Adding jobs often pushes oil prices higher since it implies that more workers will join the daily commute and increase demand for oil and gasoline.

In China, the government reported growing demand for autos and machinery as its manufacturing sector regained momentum.

Benchmark crude for May delivery gained 84 cents at $107.56 per barrel in afternoon trading on the New York Mercantile Exchange. The price rose as high as $107.93 per barrel earlier in the day. Oil hasn’t been that high since September 2008.

In London, Brent crude added 55 cents at $117.75 per barrel on the ICE Futures exchange.