WTI Crude Little Changed as Payrolls Increase Raises Fed Concern

Bloomberg (08/11) -- West Texas Intermediate fluctuated near a five-month low as better-than-expected U.S. jobs data fueled worry that the Federal Reserve will scale back stimulus.Futures headed for a fifth weekly loss. Employers added 204,000 workers in October, the Labor Department reported, higher than the 120,000 gain forecast by economists in a Bloomberg survey. The data came as the Fed considers when to dial back $85 billion in monthly bond purchases.WTI for December delivery rose 17 cents to $94.37 a barrel at 11:04 a.m. on the New York Mercantile Exchange. The volume of all WTI futures traded was 38 percent lower than the 100-day average. Prices are down less than 1 percent this week after settling at $93.37 on Nov. 5, the lowest close since June 4.Brent for December settlement gained 70 cents, or 0.7 percent, to $104.16 on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $9.79 to WTI. The spread was $9.26 yesterday, the narrowest closing level since Oct. 25.