The oil market extended gains in Asian trade Friday as better-than-expected US initial jobless claims and rising tensions in the Middle East buoyed prices, analysts said. New York’s main contract, light sweet crude for delivery in November, rose 29 cents to $92.36 a barrel and Brent North Sea crude for November delivery advanced 10 cents to $115.81. Crude continued its overnight rally as hopes of a US economic recovery rose on the improving jobs picture, while Middle East ructions continued over Turkey’s interception of a Syrian Air jet, analysts said. “Yesterday’s improvement in initial jobless claims meant that economic data supported risk assets,” said Jason Hughes, head of premium client management in IG Markets Singapore. “The escalation in tensions between Turkey and Syria meant oil gained back all of the previous day’s losses,” he added. New claims for US unemployment insurance benefits plunged unexpectedly last week to 339,000, the lowest level since February 2008, at the outset of the Great Recession, the Labor Department reported Thursday. Meanwhile Turkey’s interception Wednesday of a Syrian Air aircraft en route from Moscow to Damascus, forcing it to land in Turkey, added to ongoing tensions that have seen cross-border shelling over the past week. Turkey says the plane was carrying military equipment and ammunition for the Syrian government, which along with Russia has angrily rejected the allegation.
