The U.S., also host of the world's largest economy, saw jobless claims dive to their lowest rate in five years, influencing the energy commodity to increase in value. But the ongoing struggle in Cyprus over the euro zone nation's bailout aid is pinching the oil market as the country approaches this Monday's deadline.
"We do not think that risk appetite has necessarily deteriorated," commodity-markets strategy head Harry Tchilinguirian with BNP Paribas SA in London told the news source on Friday. "Once the Cyprus issue is resolved, and ultimately it will have to be resolved," the prospects for crude oil are forecast to brighten, is likely to strengthen, the strategy head said.
At 11:26 a.m. on Friday, WTI crude oil futures climbed 0.71 percent, a 58-cent rise to $93.06 per barrel. Brent crude oil prices increased 0.28 percent, a 20-cent boost to $107.76 per barrel.
The European Union is slated to meet later in the day on Friday to discuss a proposal issued by Cyprus as to how it may acquire the 10 billion euro bailout, according to The Wall Street Journal.
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