Oil settles up for third straight day on US job data

Economy

9-08-2024, 10:47

+A -A

INA-sources

Oil prices settled higher on Thursday for the third consecutive session, after U.S. jobs data eased demand concerns.

Brent crude futures settled up 83 cents or 1.06% to $79.16 a barrel. U.S. West Texas Intermediate crude settled up 96 cents, or 1.28%, to $76.19.

Prices were buoyed after data showed the number of Americans filing new applications for unemployment benefits fell more than expected last week, suggesting fears the labour market is unravelling were overblown.

"The latest U.S. data on jobless claims indicates still a growing U.S. economy, reducing some of the oil demand concerns," UBS analyst Giovanni Staunovo said.

Investors were also digesting a 3.7 million barrel drop in U.S. crude inventories last week, reported by the Energy Information Administration on Wednesday, a drop that far exceeded analysts' expectations and marked a sixth straight weekly decline to six-month lows.

Source: Reuters