Crude prices rise despite bad US jobs news

Crude oil prices were slightly higher in New York Friday despite a report from the US Labor Department which showed that the economy lost 85,000 jobs in December, more than had been expected, putting the health of the economic recovery in question.

UPS (NYSE: UPS) made the jobs outlook seem even worse as it said it will eliminate 1,800 administrative and management positions.

February contracts for West Texas Intermediate crude added 9 cents to $82.75 per barrel on the New York Mercantile Exchange, while February Brent crude gained 22 cents to $81.73 per barrel on the ICE Futures Europe exchange in London.

Nymex February gasoline futures and heating oil futures each added 2 cents, to $2.16 per gallon and $2.20 per gallon respectively, but March natural gas dropped 4 cents to $5.71 per million British thermal units.

The retail price of a gallon of gas in the United States added 3 cents overnight to $2.725 per gallon on average nationally.

The gains in pump prices came despite continuing weak demand for gasoline in the United States.