NEW YORK (AP) — The price of oil rose for the first time in six days on upbeat news about the U.S. economy.
Benchmark oil for November delivery gained 37 cents Thursday to close at $103.03 a barrel on the New York Mercantile Exchange. Oil had dropped $5.41, or 5 percent, over the five previous trading sessions.
Oil prices rose as data showed that the number of Americans seeking unemployment benefits fell 5,000 last week to a seasonally adjusted 305,000, the second-lowest level in six years. The U.S. economy, meanwhile, was confirmed to have grown an annualized 2.5 percent in the April-June period.
Oil has fallen nearly 7 percent since closing at a two-year high of $110.53 on Sept. 6. Since then, diplomatic efforts have averted a U.S. military strike against Syria, and tense relations between the U.S. and Iran have shown signs of a thaw. As a result, the market has removed the so-called political risk premium from the price of oil. Some analysts put this premium at about $5 to $6 a barrel.
Brent crude, the benchmark for international crudes used by many U.S. refineries, rose 89 cents to $109.21 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
Pablo Gorondi in Budapest and Pamela Sampson in Bangkok contributed to this report.
Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you