West Texas Intermediate rose from an eight-month low as a worse-than-expected U.S. jobs report reduced concern that the Federal Reserve will further wind down bond-buying.
Futures gained as much as 1.9 percent, trimming a second weekly decline. Payrolls increased in December at the slowest pace since January 2011 and the unemployment rate dropped as more people left the labor force. Prices also gained as China’s crude imports climbed to a record and on speculation that recent declines in prices were excessive. WTI had dropped in seven of the past eight days, tumbling 8.6 percent.
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