Investing.com - Crude oil futures firmed in U.S. trading on Thursday after manufacturing data in Germany and in the broader eurozone economy beat expectations for January.
Falling jobless claims in the U.S. pushed up oil prices as well.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD96.06 a barrel on Thursday, up 0.87%, off from a session high of USD96.67 and up from an earlier session low of USD95.12.
Germany’s manufacturing purchasing managers’ index rose to 48.8 in January from 46.0 in December, outpacing analysts' calls a 46.8 reading.
Germany’s service sector expanded at its fastest pace in over a year, with the services PMI rising to 55.3 for January compared with 52.0 in December.
Meanwhile, the eurozone manufacturing PMI rose to a 10-month high and hit 47.5 in January from 46.1 in December, while the services PMI came in at 48.3 from 47.8 in December.
Both figures beat market analysts' forecasts.
France's manufacturing PMI fell to a four-month low to 42.9 in January, while the services PMI came in at 43.6, which dampened the rally somewhat.
Meanwhile in the U.S. earlier, the Department of Labor reported the number of people who filed for new unemployment claims last week fell to the lowest level since January 2008.
The number of individuals filing for initial jobless benefits fell by 5,000 to 330,000, compared to expectations for an increase of 20,000 to 355,000. Jobless claims for the preceding week stood at 335,000 people.
The news sent energy prices gaining, giving investors reason to look past downward global growth revisions.
On Wednesday, the International Monetary Fund said it cut its global growth forecast to 3.5% for 2013 from a 3.6% forecast made in October, which sent oil prices falling on sentiment the world's economy will need less fuels and energy to operate.
Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were up 0.44% at USD113.30 a barrel, up USD17.24 from its U.S. counterpart.
Falling jobless claims in the U.S. pushed up oil prices as well.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD96.06 a barrel on Thursday, up 0.87%, off from a session high of USD96.67 and up from an earlier session low of USD95.12.
Germany’s manufacturing purchasing managers’ index rose to 48.8 in January from 46.0 in December, outpacing analysts' calls a 46.8 reading.
Germany’s service sector expanded at its fastest pace in over a year, with the services PMI rising to 55.3 for January compared with 52.0 in December.
Meanwhile, the eurozone manufacturing PMI rose to a 10-month high and hit 47.5 in January from 46.1 in December, while the services PMI came in at 48.3 from 47.8 in December.
Both figures beat market analysts' forecasts.
France's manufacturing PMI fell to a four-month low to 42.9 in January, while the services PMI came in at 43.6, which dampened the rally somewhat.
Meanwhile in the U.S. earlier, the Department of Labor reported the number of people who filed for new unemployment claims last week fell to the lowest level since January 2008.
The number of individuals filing for initial jobless benefits fell by 5,000 to 330,000, compared to expectations for an increase of 20,000 to 355,000. Jobless claims for the preceding week stood at 335,000 people.
The news sent energy prices gaining, giving investors reason to look past downward global growth revisions.
On Wednesday, the International Monetary Fund said it cut its global growth forecast to 3.5% for 2013 from a 3.6% forecast made in October, which sent oil prices falling on sentiment the world's economy will need less fuels and energy to operate.
Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were up 0.44% at USD113.30 a barrel, up USD17.24 from its U.S. counterpart.