Investing.com - Crude oil futures posted solid gains on Thursday after better-than-expected economic indicators out of the U.S. labor and service-sector markets painted a picture of a more robust U.S. economy that will demand more fuel and energy going forward.
On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD108.05 a barrel during U.S. trading, up 0.76%.
The October contract settled down 1.21% at USD107.23 a barrel on Wednesday.
The commodity hit a session low of USD107.15 and a high of USD108.52.
The Institute of Supply Management reported earlier that its non-manufacturing purchasing managers' index hit a 29-month high of 58.6 in August from 56.0 in July.
Analysts were expecting the index to fall to 55.0 last month.
Better-than-expected economic indicators out of the manufacturing and labor markets bolstered demand for oil as well.
Official data showed that U.S. factory orders fell 2.4% in July, less than an expected 3.3% decline following an upwardly revised 1.6% rise the previous month.
The Department of Labor, meanwhile, reported that the number of individuals filing for initial jobless benefits in the week ending Aug. 30 fell by 9,000 to 323,000, outpacing forecasts for a decline of 2,000.
Investors took in stride an ADP report showing that 176,000 jobs were created in the U.S. private sector in August, less than an expected 180,000 increase after a downwardly revised 198,000 rise the previous month.
Oil rose even though the data fueled sentiments that the Federal Reserve may announce at its Sept. 17-18 policy meeting a decision to begin winding down its USD85 billion in monthly bond purchases.
Such stimulus tools have weakened the greenback to spur recovery in the past, which has in turn bolstered oil prices by making the commodity an attractive buy in dollar-denominated exchanges.
U.S. supply figures kept prices higher was well.
The Energy Information Administration reported that oil inventories fell by 1.84 million barrels to 360.2 million last week, more than market calls for a decline of 1.26 million barrels.
Oil also saw support after the U.S. Senate Foreign Relations Committee on Wednesday gave President Barack Obama authority to use military force against Syria for its alleged use of chemical weapons in its civil war.
On the ICE Futures Exchange, Brent oil futures for October delivery were up 0.16% at USD115.10 a barrel, up USD7.05 from its U.S. counterpart.
On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD108.05 a barrel during U.S. trading, up 0.76%.
The October contract settled down 1.21% at USD107.23 a barrel on Wednesday.
The commodity hit a session low of USD107.15 and a high of USD108.52.
The Institute of Supply Management reported earlier that its non-manufacturing purchasing managers' index hit a 29-month high of 58.6 in August from 56.0 in July.
Analysts were expecting the index to fall to 55.0 last month.
Better-than-expected economic indicators out of the manufacturing and labor markets bolstered demand for oil as well.
Official data showed that U.S. factory orders fell 2.4% in July, less than an expected 3.3% decline following an upwardly revised 1.6% rise the previous month.
The Department of Labor, meanwhile, reported that the number of individuals filing for initial jobless benefits in the week ending Aug. 30 fell by 9,000 to 323,000, outpacing forecasts for a decline of 2,000.
Investors took in stride an ADP report showing that 176,000 jobs were created in the U.S. private sector in August, less than an expected 180,000 increase after a downwardly revised 198,000 rise the previous month.
Oil rose even though the data fueled sentiments that the Federal Reserve may announce at its Sept. 17-18 policy meeting a decision to begin winding down its USD85 billion in monthly bond purchases.
Such stimulus tools have weakened the greenback to spur recovery in the past, which has in turn bolstered oil prices by making the commodity an attractive buy in dollar-denominated exchanges.
U.S. supply figures kept prices higher was well.
The Energy Information Administration reported that oil inventories fell by 1.84 million barrels to 360.2 million last week, more than market calls for a decline of 1.26 million barrels.
Oil also saw support after the U.S. Senate Foreign Relations Committee on Wednesday gave President Barack Obama authority to use military force against Syria for its alleged use of chemical weapons in its civil war.
On the ICE Futures Exchange, Brent oil futures for October delivery were up 0.16% at USD115.10 a barrel, up USD7.05 from its U.S. counterpart.