A glimmer of steady recovery in the European economy helped lift oil prices nearly 2 percent in trading Monday, with Brent moving closer to $60 per barrel.
A quarterly report from the European Commission finds long-term unemployment falling slightly by 0.2 percent between third quarter 2013 and third quarter 2014. Germany is among the bright spots in Europe, with an unemployment rate of 4.8 percent rivaling a U.S. economy gaining traction since the end of the recession.
"This review reflects many encouraging signs in the labor market," Commissioner for Employment, Social Affairs, Skills and Labor Mobility Marianne Thyssen said in a statement. "Two point seven million jobs were recovered over the past two years."
Oil has traded in a bear market since June 2014 as markets stay weighted heavily on the supply side because of the production boom in the United States and a weak global economy.
Strong economic data from China help lift crude oil prices last week. Brent crude oil prices are up more than 4.5 percent since the start of April. Brent traded early Monday at $58.84 per barrel.
The European labor report, however, suggested unemployment was a long-term concern. While youth unemployment has fallen steadily since 2013, it's still at 21 percent. Spain's overall unemployment rate is 23 percent while cash-strapped Greece boasts the highest at 26 percent.
For the sector as a whole, analysis from consultant group Wood Mackenzie finds that, while oil and gas companies are adjusting to a new age for oil prices, many in the industry will need to keep their options open moving forward.
In the United States, the oil and gas sector is one of the hardest hit in terms of job losses.
The price for West Texas Intermediate, the U.S. benchmark, was up more than 2 percent to $52.79 per barrel. WTI is up more than 10 percent since the beginning of the month.
