Major crude oil benchmarks extended gains after solid jobs data from the U.S. on Friday quelled fears of a potential recession in the U.S. Both Brent crude and WTI crude gained more than 2 percent overnight.
Data released by the U.S. Bureau of Labor Statistics showed the U.S. economy added 253 thousand jobs in April versus 165 thousand in March and expectations of a growth of 180 thousand. Unemployment rate, which was seen rising to 3.6 percent from 3.5 percent in March actually dropped to 3.4 percent. The average hourly earnings which was expected to be steady at 0.3 percent also increased to 0.5 percent.
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