document: Crude oil at 30-month high on jobs growth , weak $ US CRUDE oil prices surged to fresh 2 1/2 - year highs near $ US108 a barrel today on stronger than expected US jobs growth in March and weakness in the US dollar . The US Labour Department said non-farm payrolls rose by 216,000 compared with economists ' estimates of a rise of 195,000 . The February figure was revised upward to 194,000 from an estimate of 192,000 , while the unemployment rate fell to a two-year low of 8.8 per cent from 8.9 per cent a month ago . '' `` The jobs data shows the economy is improving and demand should remain strong , '' '' said Andy Lebow , senior vice-president at brokerage MF Global . Light , sweet crude oil for May delivery on the New York Mercantile Exchange settled higher by $ US1 .22 , or 1.1 per cent , at $ US107 .94 a barrel . That was the highest level since September 25 , 2008 . The contract hit an intra-day high of $ US108 .05 a barrel in the final minutes of trading for the week . Front-month May ICE North Sea Brent crude settled at $ US118 .70 a barrel , the highest price since August 21 , 2008 , and up $ US1 .34 on the day . Traders said chart patterns suggest Nymex crude can easily make a run for $ US110 a barrel and beyond . The rally fed upon itself as prices responded to US-dollar weakness . Rich Ilczyszyn , a broker at Lind-Waldock said : '' `` A lot of players are looking at this market and saying , '' `` Do I really want to go home short oil ? '' '' '' '' The US dollar shed early strength after William Dudley , president of the Federal Reserve Bank of New York , said it was n't time yet to '' `` reverse course '' '' and tighten monetary policy amid a '' `` tenuous '' '' US recovery , in contrast to recent hawkish comments from other Fed officials . A weaker US dollar generally makes crude oil cheaper for investors using foreign currencies . Still , Jason Schenker , president of Prestige Economics , said the improving US economic conditions mean the time is drawing nearer when the Fed will begin to slowly tighten policy . '' `` We will not be going from an accommodative to an austere policy , but to a slightly less accommodative policy , '' '' around the middle of 2012 , he predicted . Higher rates would come in response to stronger economic growth , which would underpin oil prices or support further gains , he said , while continued improvement in the jobs situation would help insulate consumers against rising gasoline prices . Traders said a strong infusion of new investment from commodity funds at the start of the second quarter helped drive gains against a backdrop of uncertainty surrounding the on-going Libyan civil war and lingering concerns over the potential for civil unrest elsewhere in the Middle East , the global oil patch . A Libyan rebel leader said his forces are ready for a ceasefire , provided Muammar Gaddafi 's forces end their assaults on rebel-held cities , but there was n't any immediate sign that would take place . Rebels said also they had reached a deal in which Qatar will market crude from rebel-held areas , in exchange for food , medicine , and funds to buy weapons . Oil exports of 1 million barrels per week could come from the Sarir oilfield once vessels are available to transport it , the rebels said . Prior to the unrest , begun in mid-February , Libya was pumping about 2 per cent of global oil supplies , and exporting about 1m bpd . Saudi Arabia , the world 's largest oil exporter has boosted output to offset the shortfall and is offering similar-quality crude to Libyan customers in Europe . Traders noted that the higher prices come as US oil supplies remain high . Crude oil inventories at Cushing , Oklahoma - the delivery point for the Nymex contract - stand at a record high and are 35 per cent higher than supplies from a year ago . That has kept the US benchmark depressed relative to Brent crude , which traders said better reflects strong global demand . US gasoline inventories are sufficient to cover 24.5 days of current demand , compared with a five-year average of 24.1 days , even as retail prices stand at record levels for this time of year and the spectre of higher prices looms as the peak summer demand season approaches . AAA Daily Fuel Gauge said the nationwide price of regular gasoline at the pump was $ US3 .62 a gallon overnight , up 6.8 per cent from a month ago . Current futures prices suggest retail prices nearing $ US3 .80 a gallon soon . The driving force behind higher gasoline is the price of crude . Nymex crude on a monthly average basis was up 15 per cent in March compared with December , while Brent was up 24 per cent . May-delivery reformulated gasoline blendstock futures settled higher by US2 .25 cents at $ US3 .1302 a gallon , the highest price since July 30 , 2008 . Heating oil futures settled higher at $ US3 .1452 a gallon , up US3 .27 c , and the highest since August 29 , 2008 .
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