amex 22/12, page-2

Oil futures rise to over $99, gold lags
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By Laura Mandaro
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CL2G GC2G

SAN FRANCISCO (MarketWatch) -- Crude-oil futures rose Thursday, extending the prior session's gains after a surprise drop in inventories and after an optimistic report on jobs data, while gold futures fell. Oil for February delivery CL2G +0.92% rose 73 cents, or 0.7%, to $99.40 a barrel on the New York Mercantile Exchange. Gold for February delivery GC2G -0.06% fell $1.80, or 0.1%, to $1,611.80 ounce. "Oil prices are profiting from the unexpectedly strong inventory reduction in the U.S.," which has narrowed the difference between West Texas Intermediate, the U.S. benchmark, and the European benchmark to below $9, wrote analysts at Commerzbank. Ahead of the Nymex session, the Labor Department said weekly jobless claims fell to their lowest level since 2008.