* U.S. employers cut fewer jobs than expected in Nov. * Wall Street opens higher after jobs report NEW YORK, Dec 4 (Reuters) - U.S. crude futures rose Friday on a report showing employers cut jobs far less than expected in November. Crude futures bounced up right after the jobs report, having dropped below $76 a barrel earlier. But the dollar's own rise after the jobs report initially tempered crude oil's gain, sources said. U.S. employers cut only 11,000 jobs last month, the best showing in nearly two years, and the jobless rate edged down to 10 percent, the Labor Department said Friday. [ID:nGEE5B31FR] Job losses for September and October were revised to show 159,000 fewer jobs lost than previously reported. "Well it is an extraordinarily hopeful sign, let's just hope it's not setting too high a bar for subsequent months and is the start of a trend," said Mike Fitzpatrick, vice president, energy, at MF Global in New York. The dollar extended gains, hitting a three-week high against the yen, after the jobs report. The euro fell 1 percent to a $1.4913 session low. [USD/] The jobs report also boosted equities. U.S. stocks jumped at the open, with all three major indexes up more than 1 percent. [.N] The high inventories and recent tepid demand remain a factor for the oil market, along with the unemployment rate that was still 10 percent. "The take on the jobless data is positive. providing a lift to oil. But the dollar's strength and the unemployment rate still at 10 percent are tempering bullishness somewhat," said Tom Bentz, analyst at BNP Paribas Commodity Futures Inc in New York. PRICES * On the New York Mercantile Exchange at 9:57 a.m. EST (1457 GMT), January crude CLF0 was up $1.23, or 1.61 percent, at $77.69 a barrel, trading from $75.57 to $77.90. * In London, January Brent crude LCOF0 rose $1.14, or 1.45 percent, to $79.50 a barrel, trading from $77.54 to $79.80. * NYMEX January RBOB RBF0 rose 3.14 cents, or 1.58 percent, to $2.0244 a gallon, trading from $1.9796 to $2.0878. * NYMEX January heating oil HOF0 rose 3.29 cents, 1.61 percent, at $2.0824 a gallon, trading $2.0263 to $2.0878. * The January/January RBOB crack spread <0#RB-CL=R> was at $7.50, after ending at $7.25 on Thursday. The January/January heating oil crack spread <0#CL-HO=R> was at $9.85, after ending at $9.62 on Thursday. * The spread between the current front month and the five-year forward crude contract CLc61 was at $17.65, based on the January 2015 contract Thursday settlement at $95.34. The spread ended Thursday at $18.88. TECHNICALS NYMEX crude 10-day/20-day moving average: $76.89/$77.62 Technical support/resistance: NYMEX crude: $74.40/$78.81 NYMEX heating oil: $1.9995/$2.0733 NYMEX RBOB: $1.95/$2.0350 For a full report on technicals, click on [ID:nGEE5B314U] MARKET NEWS * Inventories at U.S. factories increased for the first time in more than a year in October, while factory orders also rose an unexpected 0.6 percent, the Commerce Department said on Friday. [ID:nN03474778] * Oil prices in the current band of $70-$80 a barrel are satisfactory, Saudi Arabian Oil Minister Ali al-Naimi told reporters on Friday. [ID:nGEE5B30ZJ] * Top Chinese refiners will process 1.8 percent less crude in December than November's record levels. [ID:nPEK243807] (Reporting by Robert Gibbons and Eileen Moustakis; Editing by John Picinich) ((robert.gibbons@thomsonreuters.com; + 1 646 223 6059; Reuters Messaging: robert.gibbons.reuters.com@reuters.net))

Source