Reductions to inventories of U.S. crude oil pushed up the value of the energy commodity on Thursday for a fourth consecutive trading session, Bloomberg reports.
The drop in supplies was the most in 10 years and indicates the globe's top economic system is poised to steer clear of dipping into an economic recession. The U.S. Energy Department indicated inventories dropped 10.6 million barrels, representing the sharpest drop since early 2001.
"The big draw was quite bullish," trader Gerrit Zambo with Bayerische Landesbank in Munich told the news service. "Macro data in the past week has been mostly positive. I'm slightly optimistic that we won't fall into a deep recession, and if recession comes it'll be over quicker than people expect."
At 10:39 a.m. on Thursday, crude oil futures rose 0.38 percent, a 41 cent lift to $108.12 per barrel.
Dow Jones Newswires reports the price of the energy commodity was pushed in both directions by economic data. While the U.S. economy grew less than previously projected during the third quarter, claims filed for jobless benefits fell.
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