The price of crude oil futures hovered around its top value since early January on Thursday as unemployment benefit applications in the U.S. plunged to their lowest rate since 2008, Bloomberg reports.
The value of the shared currency of the European Union also dropped as the disbursal of funds within Greece's much-needed bailout ran into additional snags. The monetary unit fell as much as 0.7 percent when compared with the world's reserve currency amid creditor nations in Europe attempting to reconcile splinters regarding the effort to stave off the Aegean nation defaulting on its financial obligations.
"The jobs number is pretty bullish but the European situation is weighing on the market," analyst Phil Flynn with PFGBest in Chicago told the news source. "If the jobs market starts to recover, oil demand will come back."
At 11:01 a.m. on Thursday, crude oil futures rose 0.4 percent, a 47 cent rise to $119.40 per barrel.
The Wall Street Journal reports prices of crude oil futures in Europe remained high amid concerns for inventories in Iran, the oil-rich Middle Eastern nation under sanctions due to its nuclear program.
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