Oil rises as investors weigh hiring, slow economy

By CHRIS KAHN | August 5, 2011 | 10:45 AM EDT

NEW YORK (AP) — Oil is rising slightly as investors weigh worries about the global economy with positive news about U.S. hiring.

Benchmark West Texas Intermediate crude for September delivery rose 15 cents on Friday to $86.79 per barrel on the New York Mercantile Exchange.

Oil prices rose following a government report that employers added 117,000 jobs last month. The Labor Department said the unemployment rate dipped to 9.1 percent in July.

But investors are still rattled by the stock market's plunge on Thursday, when the Dow Jones industrial average fell 513 points, its worse decline since the 2008 financial crisis. They remain concerned about European debt and the chances for another world recession.

Meanwhile, retail gasoline prices slipped overnight to $3.70 per gallon.