Investing.com – Crude oil futures extended gains on Thursday, recouping some of the previous day’s steep losses after official data showed that U.S. first time jobless claims fell to a three-month low last week, while pending home sales rose unexpectedly in June.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD97.78 a barrel during European morning trade, climbing 0.6%.
It earlier rose as much as 0.8% to trade at a daily high of USD98.00 a barrel.
The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits in the week ending July 22 fell by 24,000 to a seasonally adjusted 398,000, beating expectations for a drop to 412,000.
First time claims fell below 400,000 for the first time since early April. Oil traders have been paying close attention to readings on U.S. employment levels for signs that people are returning to work, thus driving more and using more energy.
A separate report from the National Association of Realtors showed that pending home sales rose by 2.4% in June, confounding expectations for a 2.0% drop.
Crude prices were also supported after the U.S. National Hurricane Center said earlier that Tropical Storm Don, the fourth storm of the Atlantic hurricane season and the first major Gulf of Mexico storm, was headed toward the Texas coast, sparking fears over a disruption to supplies.
Energy traders track tropical storm activity in the event it disrupts production in the Gulf of Mexico, which is home to 29% of U.S. oil production.
Meanwhile, markets awaited a key vote on a plan to raise the U.S. debt ceiling ahead of the looming August 2 deadline.
The House of Representatives was to vote on a debt-limit increase plan, proposed by House Speaker John Boehner later in the day. However, President Barack Obama has threatened to veto the bill and a majority of the Democratic-controlled Senate has vowed to vote against it.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for September delivery gained 0.66% to trade at USD118.14 a barrel, up USD20.36 on its U.S. counterpart.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD97.78 a barrel during European morning trade, climbing 0.6%.
It earlier rose as much as 0.8% to trade at a daily high of USD98.00 a barrel.
The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits in the week ending July 22 fell by 24,000 to a seasonally adjusted 398,000, beating expectations for a drop to 412,000.
First time claims fell below 400,000 for the first time since early April. Oil traders have been paying close attention to readings on U.S. employment levels for signs that people are returning to work, thus driving more and using more energy.
A separate report from the National Association of Realtors showed that pending home sales rose by 2.4% in June, confounding expectations for a 2.0% drop.
Crude prices were also supported after the U.S. National Hurricane Center said earlier that Tropical Storm Don, the fourth storm of the Atlantic hurricane season and the first major Gulf of Mexico storm, was headed toward the Texas coast, sparking fears over a disruption to supplies.
Energy traders track tropical storm activity in the event it disrupts production in the Gulf of Mexico, which is home to 29% of U.S. oil production.
Meanwhile, markets awaited a key vote on a plan to raise the U.S. debt ceiling ahead of the looming August 2 deadline.
The House of Representatives was to vote on a debt-limit increase plan, proposed by House Speaker John Boehner later in the day. However, President Barack Obama has threatened to veto the bill and a majority of the Democratic-controlled Senate has vowed to vote against it.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for September delivery gained 0.66% to trade at USD118.14 a barrel, up USD20.36 on its U.S. counterpart.