The increasing likelihood of worldwide central banks continuing with economy-spurring stimulus measures drove up West Texas Intermediate crude oil futures on Thursday, according to Bloomberg.
Jobless claims by people in the U.S., the world's largest consumer of the energy commodity, increased more than forecast while consumer prices dropped. President James Bullard with the St. Louis Federal Reserve said in April that the trend of disinflation continuing would do its part to mandate stimulus' resumption in the U.S.
"The market came roaring back after what were bearish headlines," analyst and broker Gene McGillian with Tradition Energy in Stamford, Connecticut, told Bloomberg on Thursday. "Negative news is being taken as a sign that the easy-money policies of the central banks will continue."
At 10:54 a.m. on Thursday, WTI crude oil futures rose 0.57 percent, a 54-cent increase to $94.84 per barrel. At 10:50 a.m., Brent crude oil futures climbed 0.14 percent, a 15-cent lift to $103.83 per barrel.
Reuters reports the Thursday trade session began with the energy commodity losing value after economic data noted generation by U.S. factories was lagging.
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