AlHijjah 8, 1432, Nov 4, 2011, SPA -- Brent crude prices rose on Friday in volatile trading, on track to post a second straight weekly gain, although uncertainty about euro zone debt problems limited oil price gains, Reuters reported. U.S. crude also saw choppy trading. Prices recovered in afternoon trading in New York, having fallen after a brief rally on a tepid U.S. October jobs report. Investors cheered news from Europe. Greece backed away from plans to hold a referendum on an EU/IMF bailout while Italy, also under pressure from markets and European peers, has agreed to have the IMF and the EU monitor its progress with reforms of pensions, labor markets and privatization. Oil and equities prices felt pressure after German Chancellor Angela Merkel said hardly any G20 countries have said they will participate in the European Union's bailout fund. Market volatility also was attributed to uncertainty as Greek Prime Minister George Papandreou faces a vote of confidence in parliament later on Friday that could decide the fate of the bailout deal. U.S. nonfarm payrolls rose in October, but less than expected. A drop in the unemployment rate to a six-month low of 9.0 percent and upward revisions to prior months' job gains briefly pushed oil prices higher immediately after the report. ICE Brent December crude rose 82 cents to $111.65 a barrel by 1:29 p.m. EDT (1729 GMT), having swung from $110.30 to $112.30 while crossing its 100-day moving average of $111.13. U.S. December crude rose 20 cents to $94.27 a barrel, off a $92.87 low but back below the $94.84 200-day moving average, after reaching $94.93. Brent's premium to its U.S. counterpart strengthened and was back above $17 a barrel. Crude trading volumes were light, with Brent 33 percent and U.S. crude 48 percent below their 30-day average, respectively, in afternoon trading in New York. U.S. heating oil was the strongest performer among the oil futures, based on percentage, and U.S. gasoline also rose. Investors continued to eye the saga of bankrupt broker MF Global as its customers start to move positions held prior to the Chapter 11 declaration this week. Global stocks and the euro fell on the doubts about Europe's bailout package while investors awaited the key vote in Greece that overshadowed signs of improvement in a U.S. jobs report. -- SPA
