Oil Continues Move Higher on Economic Signs

New York, NY, March 8, 2010--Oil prices rose above $82 a barrel Monday.

Benchmark crude for April delivery was up 67 cents to $82.17 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

Investors reacted to the Labor Department's February jobs report Friday, which showed the U.S. economy shed a less-than-expected 36,000 jobs last month and the unemployment rate held at 9.7 percent.

Crude investors also reacted to news that China plans to extend a stimulus package in hopes of helping the economy grow 8 percent this year.

Oil has soared 18 percent since Feb. 5.