Oil above US$93 on US unemployment claims data; up 8% since hitting year’s low

NEW YORK, N.Y. – Oil rose above US$93 a barrel for the first time in two weeks Thursday, as the latest data on U.S. unemployment claims suggested job growth may pick up from last month’s sluggish pace.

Benchmark West Texas Intermediate crude for June delivery rose $2.21 to close at US$93.64 a barrel on the New York Mercantile Exchange. Oil fell to a year low of US$86.68 last week, but has since risen for six straight days, increasing $6.96, or eight per cent.

Thursday morning, the U.S. Labour Department said the number of Americans seeking unemployment benefits fell last week to a seasonally adjusted 339,000, the second-fewest in more than five years. The drop suggests that layoffs have declined, which is a positive sign for gasoline demand.

Brent crude, which is used to price oil used by many U.S. refiners, rose $1.68 to $103.41 a barrel on the ICE futures exchange in London.

In other energy futures trading on the Nymex, wholesale gasoline rose six cents to US$2.81 a U.S. gallon (3.79 litres), heating oil added six cents to US$2.90 a gallon and natural gas was flat at $4.17 per 1,000 cubic feet.

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