Slipping jobless claims in the world's largest consumer prompted West Texas Intermediate crude oil futures to push toward their first weekly advance in nearly eight weeks on Friday, according to Bloomberg.
Unemployment applications in the U.S. fell by 21,000 to amount to 323,000 for the week ended November 15, according to data released by the U.S. Department of Labor. The nation is forecast to consume roughly 21 percent of global oil this year, the International Energy Agency in Paris said.
"Talks with Iran will continue today and potentially into the weekend, but it could take longer or another meeting before we see any agreement," analyst Andrey Kryuchenkov with VTB Capital in London told the news source on Friday. "WTI rebounded last night amid decent demand for refined products, today there's some tiny profit taking from the rally in the past two sessions."
At 9:17 a.m. on Friday, WTI crude oil futures fell 0.38 percent, a 36-cent loss to $95.08 per barrel. At 9:18 a.m., Brent crude oil futures rose 0.64 percent, a 70-cent lift to $110.78 per barrel.
Reuters reports Africa Oil said it located a fifth major discovery of oil in Kenya.
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