Light sweet crude oil for March delivery rose today after strong factory orders were released by the Government early in the trading day.

Despite today’s direction, the oil markets remain cautious because of the concerns regarding the U.S. economy.

Light, sweet crude for March delivery rose $1.06 to settle at $90.02 a barrel on the New York Mercantile Exchange.

A temporary closure of the Houston Shipping Channel, closure of a ship channel near Port Arthur, Texas and increased violence in Northern Iraq and Nigeria also brought buyers in the market today.

Despite the move higher, Friday’s payroll report still weighed on the minds of most traders.