Oil prices rise on upbeat jobs data

Oil prices gained Friday on stronger-than-expected U.S. jobs report. Total nonfarm payroll employment added 175,000 in February, the U.S. Labor Department reported Friday, better than economists' forecast of 150,000. Moreover, the U.S. unemployment rate in February was little changed at 6.7 percent. U.S. nonfarm payrolls reports in December and January came in disappointing, with abnormally cold weather to blame. There are still lots of worries about supply constraints in Ukraine. Russia is an important oil producing country, churning out more than 10 million barrels crude a day in January. It is also the second-largest producer of natural gas. More than 70 percent of Russian crude and gas exports to Europe pass through Ukraine. European Union leaders halted trade and visa talks and threatened punitive economic measures to Russia. Analysts said any political uncertainty in this area could raise concerns about oil supply issues globally. Light, sweet crude for April delivery moved up 1.02 dollars to settle at 102.58 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for April delivery gained 90 cents to close at 109 dollars a barrel.