Summary Oil prices rose slightly, as optimism about the US economy helped erase some early losses.
NEW YORK (AP) - The price of oil rose slightly Thursday, as optimism about the U.S. economy helped erase some early losses.
U.S. benchmark crude for September delivery rose 10 cents to close at $105.49 a barrel on the New York Mercantile Exchange. Oil fell as low as $104.08 before recovering.
Orders for long-lasting U.S. factory goods rose in June. The increase suggests companies are more confident in the economy and could boost economic growth in the second half of the year.
The report helped "to conjure up images of increased petroleum demand from the US industrial sector," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, in a note to clients.
Brent crude, which is traded on the ICE Futures exchange in London, rose 46 cents to finish at $107.65 a barrel.
