Oil prices rebound amid jobs data

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NEW YORK, Oct. 4 (Xinhua) -- Oil prices rose on Friday as the newly-released U.S. jobs data eased concerns that a slowing global economy could weigh on energy demand.

The West Texas Intermediate for November delivery climbed 0.36 U.S. dollar to settle at 52.81 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery advanced 0.66 dollar to close at 58.37 dollars a barrel on the London ICE Futures Exchange.

The unemployment rate declined to 3.5 percent in September, a 50-year low, the U.S. Labor Department said on Friday.

The department said total nonfarm payroll employment rose by 136,000 last month. Job growth has averaged 161,000 per month thus far in 2019, compared with an average monthly gain of 223,000 in 2018.

Oil prices also got some support after data showed a decline in U.S. rig count.

The number of active drilling rigs in the United States fell by five to 855 this week, 197 down from this time last year, according to the weekly data released by Baker Hughes on Friday.

According to the Houston-based oilfield services company, these active drilling rigs included 710 oil rigs operating in the U.S. oil fields, down three; 144 gas drilling rigs, down two; and the miscellaneous rig remained unchanged at one. Enditem

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