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Stock market losses for the commodity were registered on August 6th, following poor North American job data, as private payrolls rose less than expected - the second month in a row they have done worse than predicted - reports Bloomberg.
Ben Westmore, a minerals and energy economist at National Australia Bank, commented: "The demand outlook is improving, albeit slowly. Where we are at the moment at $80 a barrel is probably where we should be, based on fundamentals."
BP stocks rose due to further testing showing the measures to control the oil spill in the Gulf of Mexico are holding.
Economists questioned by the publication suggested vehicle purchases encouraged by incentives may have helped buoy the price for the commodity.
Posted by Greg Secker
