NYMEX crude oil gains in early Asia with Iran, U.S. jobs data in focus

Investing.com - Crude oil prices gained in Asia on Monday with the proposed nuclear deal with Iran still in focus as well as last week's U.S. jobs data.

On the New York Mercantile Exchange, crude oil for delivery in May srose 0.29% to $49.67 a barrel.

In the week ahead, markets outside the U.S. will remain closed on Monday for the Easter holiday. The U.S. is to release what will be closely watched data on service sector activity on Monday and the Federal Reserve is to publish the minutes of its March meeting on Wednesday.

On Monday, markets in Australia, New Zealand, China, Europe and the U.K. will remain closed for holidays.

In the U.S., the Institute of Supply Management is to release data on service sector activity.

Last week, crude oil futures plunged sharply on Thursday, after Western powers negotiated a tentative nuclear deal with Tehran, which could add more crude to an already oversupplied market.

On the ICE Futures Exchange in London, Brent for May delivery dropped $2.15, or 3.77%, on Thursday to settle at $54.95 a barrel by close of trade. Commodity markets remained closed on Friday for Good Friday.

Iran reached a solution on key parameters of a deal regarding its nuclear program with a group of Western leaders late on Thursday.

As part of the preliminary accord, the U.S. and the European Union agreed to loosen financial and economic sanctions against Iran that have restricted the nation's oil supply over the last four years.

The deal has exacerbated concerns among energy traders that a glut of Iranian oil could depress prices in a global market that is already saturated with an oversupply.

On the data front, a report that showed the U.S. economy added 126,000 new jobs in March, the smallest increase since December 2013. Economists had forecast jobs growth of 245,000 last month.

The surprisingly weak report added to concerns over the outlook for economic growth after other recent economic data pointed to a slowdown at the start of the year.

A slowing labor market could prompt the Federal Reserve to reconsider a planned increase in interest rates. Last month the Fed indicated that the first rate increase could come as soon as June, but added that continued improvement in labor markets would be a key factor it would consider.