A reduction in U.S. jobless claims helped drive crude oil futures to their top price in at least 90 days on Thursday, Bloomberg reports.
By noting unemployment claims fell last week by 10,000 applications, the report from the U.S. Labor Department indicated the figure now stands at 390,000, its lowest level in seven months. Debt-hobbled Greece tapping an interim prime minister and Italian government bond yields falling also helped push up crude oil futures.
"Folks are relieved a bit about economic news," principal Rick Mueller with ESAI Energy in Massachusetts told Bloomberg. "The U.S. jobs numbers today were good and it looks like the Europeans are getting it together. The Italian situation has calmed down."
At 4:10 p.m. on Thursday, crude oil futures climbed 0.70 percent, a 79 cent lift to $113.10 per barrel.
Reuters reports that China, the globe's second-largest consumer of the energy commodity, imported an increased amount of crude oil in October, which also helped crude oil climb. Thursday's climb marks a recovery of sorts for crude oil after having lost value on Wednesday.
The world's top consumer of oil is the U.S.
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