Investing.com - Crude oil futures were higher during U.S. morning hours on Thursday, after data showing that U.S. jobless claims fell unexpectedly last week added to signs of a strengthening economic recovery.
On the New York Mercantile Exchange, light sweet crude futures for delivery in April traded at USD92.72 a barrel during U.S. morning trade, up 0.2% on the day.
New York-traded oil prices rose by as much as 0.5% earlier in the day to hit a session high of USD93.02 a barrel. Nymex oil prices rose to USD93.43 a barrel on Tuesday, the strongest level since February 25.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending March 10 fell by 10,000 to a seasonally adjusted 332,000, compared to expectations for an increase of 8,000 to 350,000.
Separate reports showed that producer price inflation in the U.S. rose in line with expectations in February, while core prices inched up slightly.
The Bureau of Labor Statistics said that producer prices rose by a seasonally adjusted 0.7% in February, in line with expectations, after rising 0.2% in January.
The core producer price index eased up 0.2% in February, in line with expectations after rising 0.2% in January.
The unexpectedly strong data, together with recent upbeat data on nonfarm payrolls and retail sales fuelled optimism over the strength of the U.S. economic recovery.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Meanwhile, in Europe, European Union leaders were set to begin a two-day economic summit in Brussels later in the day.
Oil’s gains were limited as concerns over the global economic outlook remained after Chinese data released over the weekend showed consumer inflation accelerated sharply in February, while industrial production slowed to the lowest level since October 2009.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery rose 0.6% to trade at USD108.88 a barrel, with the spread between the Brent and crude contracts standing at USD16.16 a barrel.
The gap between the two contracts narrowed to a seven-week low earlier after U.S. government data showed supplies at Cushing, Oklahoma, the delivery point for Nymex futures, fell the most since May 2011 last week.
On the New York Mercantile Exchange, light sweet crude futures for delivery in April traded at USD92.72 a barrel during U.S. morning trade, up 0.2% on the day.
New York-traded oil prices rose by as much as 0.5% earlier in the day to hit a session high of USD93.02 a barrel. Nymex oil prices rose to USD93.43 a barrel on Tuesday, the strongest level since February 25.
The U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending March 10 fell by 10,000 to a seasonally adjusted 332,000, compared to expectations for an increase of 8,000 to 350,000.
Separate reports showed that producer price inflation in the U.S. rose in line with expectations in February, while core prices inched up slightly.
The Bureau of Labor Statistics said that producer prices rose by a seasonally adjusted 0.7% in February, in line with expectations, after rising 0.2% in January.
The core producer price index eased up 0.2% in February, in line with expectations after rising 0.2% in January.
The unexpectedly strong data, together with recent upbeat data on nonfarm payrolls and retail sales fuelled optimism over the strength of the U.S. economic recovery.
The U.S. is the world’s biggest oil-consuming country, responsible for almost 22% of global oil demand.
Meanwhile, in Europe, European Union leaders were set to begin a two-day economic summit in Brussels later in the day.
Oil’s gains were limited as concerns over the global economic outlook remained after Chinese data released over the weekend showed consumer inflation accelerated sharply in February, while industrial production slowed to the lowest level since October 2009.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for May delivery rose 0.6% to trade at USD108.88 a barrel, with the spread between the Brent and crude contracts standing at USD16.16 a barrel.
The gap between the two contracts narrowed to a seven-week low earlier after U.S. government data showed supplies at Cushing, Oklahoma, the delivery point for Nymex futures, fell the most since May 2011 last week.