Investing.com - Crude oil futures moved higher Thursday, bouncing back from a seven-day low as U.S. government data on housing and unemployment lifted prospects for a spike in demand.
On the New York Mercantile Exchange light, sweet crude futures for September delivery traded at 97.11 up 0.03%, after hitting a daily high of 97.26.
In numbers released by the U.S. Department of Labor Thursday jobless claims dropped by 24,000 to 398,000, outperforming predictions of a fall to 412,000. It was the first time the number of jobless filing for benefits sank below400,000 since April.
Meanwhile, in a separate report from the National Association of Realtors, U.S. new home sales rose by 2.4% in June, far outpacing expectations of a 2% drop.
Crude futures fell in Wednesday trade, pulled down by reports by the U.S. Energy Information Administration that inventories has risen by 2.3 million barrels for the week ending July 22, exceeding expectations of a 1.5 billion barrel decline.
But the threat posed by Tropical Storm Don in the Atlantic, which is expected to hit the Texas coast, lifted sentiment for crude. The U.S. relies on production in the Gulf of Mexico for 29% of its total.
Meanwhile, markets await the outcome of a U.S. House of Representatives vote on a plan to raise the debt ceiling before the August 2 deadline.
On the ICE Futures Exchange Brent oil futures for September delivery gained 0.10% to trade at USD117.39.
The market was expected to keep an eye on weather conditions in the Gulf as well as U.S. quarterly GDP figures scheduled for release Friday.
On the New York Mercantile Exchange light, sweet crude futures for September delivery traded at 97.11 up 0.03%, after hitting a daily high of 97.26.
In numbers released by the U.S. Department of Labor Thursday jobless claims dropped by 24,000 to 398,000, outperforming predictions of a fall to 412,000. It was the first time the number of jobless filing for benefits sank below400,000 since April.
Meanwhile, in a separate report from the National Association of Realtors, U.S. new home sales rose by 2.4% in June, far outpacing expectations of a 2% drop.
Crude futures fell in Wednesday trade, pulled down by reports by the U.S. Energy Information Administration that inventories has risen by 2.3 million barrels for the week ending July 22, exceeding expectations of a 1.5 billion barrel decline.
But the threat posed by Tropical Storm Don in the Atlantic, which is expected to hit the Texas coast, lifted sentiment for crude. The U.S. relies on production in the Gulf of Mexico for 29% of its total.
Meanwhile, markets await the outcome of a U.S. House of Representatives vote on a plan to raise the debt ceiling before the August 2 deadline.
On the ICE Futures Exchange Brent oil futures for September delivery gained 0.10% to trade at USD117.39.
The market was expected to keep an eye on weather conditions in the Gulf as well as U.S. quarterly GDP figures scheduled for release Friday.