Investing.com - U.S. oil futures rose on Thursday, after data showed that durable goods orders in the U.S. rose more than expected in March, pointing to underlying strength in the economy.
On the New York Mercantile Exchange, US crude oil for delivery in June held in a range between $101.43 a barrel and $102.23 a barrel.
Nymex oil last traded at $101.92 a barrel during U.S. morning hours, up 0.47%, or 48 cents. Prices fell to $101.20 a barrel on Wednesday, the lowest since April 8, before settling at $101.44, down 0.3%, or 31 cents.
Futures were likely to find support at $101.20 a barrel, the low from April 23 and resistance at $103.56 a barrel, the high from April 22.
The Commerce Department reported that U.S. orders for long lasting manufactured goods rose 2.6% last month, ahead of expectations for a 2% gain.
Core durable goods orders, which exclude volatile transportation items, rose 2% in March, easily surpassing forecasts for a 0.6% gain.
Separately, the Labor Department said the number of people who filed for unemployment assistance in the U.S. last week rose by 24,000 to 329,000. Despite the increase the underlying trend indicated continued strength in the labor market.
Meanwhile, market players continued to eye ongoing tension between Russia and the Ukraine, amid concerns over a disruption to supplies from the region.
News reports said Russia plans to launch military exercises near the Ukraine border in response to the latest clashes, in which at least five pro-Russian activists were killed, in eastern Ukraine.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for June delivery advanced 0.7%, or 77 cents, to trade at $109.88 a barrel, while the spread between the Brent and U.S. crude contracts stood at $7.96 a barrel.