Investing.com - Crude oil futures rose to a one-week high on Thursday, after official data showed that U.S. jobless claims declined last week while consumer spending increased last month.
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD96.10 a barrel during U.S. morning trade, up 0.6% on the day.
New York-traded oil prices rose by as much as 0.75% earlier in the day to hit a session high of USD96.20 a barrel.
The data came after the Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week fell by 9,000 to a seasonally adjusted 346,000, compared to expectations for a drop of 10,000 to 345,000.
A separate report showed that U.S. personal spending was up 0.3% in May, in line with expectations. The data also showed personal income increased 0.5%, above expectations for a 0.2% increase.
Investors had scaled back expectations that the Federal Reserve will start tapering bond purchases this year following a downward revision to U.S. first quarter growth on Wednesday.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
Meanwhile, oil prices drew further support after official data showed that profits at China’s industrial companies jumped 15.5% in May from a year earlier, higher than April’s 9.3% gain.
Market sentiment received a further boost amid improvement in China’s strained money markets.
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 August delivery rose 0.6% to trade at USD102.29 a barrel, with the spread between the Brent and crude contracts standing at USD6.19 a barrel.
On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD96.10 a barrel during U.S. morning trade, up 0.6% on the day.
New York-traded oil prices rose by as much as 0.75% earlier in the day to hit a session high of USD96.20 a barrel.
The data came after the Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week fell by 9,000 to a seasonally adjusted 346,000, compared to expectations for a drop of 10,000 to 345,000.
A separate report showed that U.S. personal spending was up 0.3% in May, in line with expectations. The data also showed personal income increased 0.5%, above expectations for a 0.2% increase.
Investors had scaled back expectations that the Federal Reserve will start tapering bond purchases this year following a downward revision to U.S. first quarter growth on Wednesday.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar.
Meanwhile, oil prices drew further support after official data showed that profits at China’s industrial companies jumped 15.5% in May from a year earlier, higher than April’s 9.3% gain.
Market sentiment received a further boost amid improvement in China’s strained money markets.
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 August delivery rose 0.6% to trade at USD102.29 a barrel, with the spread between the Brent and crude contracts standing at USD6.19 a barrel.