Economic data from China, host of the globe's most rapidly developing economy, also helped boost the price of crude oil futures. Two surveys indicated manufacturing in the country grew, which might prompt economic activity to increase. That, in turn, would push demand for the energy commodity. The Purchasing Managers Index from the government of China and China Manufacturing Purchasing Managers Index of HSBC also rose.
"The complex has recovered following what we view as a deserved price correction during the first half of this week," states a note penned by research firm Ritterbusch & Associates, according to The Wall Street Journal.
At 1:27 p.m. on Thursday, crude oil futures climbed 1.84 percent, a $2.26 lift to $124.92 per barrel.
Bloomberg reports the economy of Iran is suffering as a consequence of sanctions levied by the U.S. and Europe. The Middle Eastern nation – ranked second of the nations of the Organization of Petroleum Exporting Countries – also is seeing increased amounts of internal dissent.
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