Oil rises above $93 on US unemployment claims data
Oil prices jumped over $93 a barrel on US unemployment claims data.
NEW YORK (AP) - Oil rose above $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 oil for June delivery rose $2.21 to close at $93.64 on the New York Mercantile Exchange. Oil fell to a year low of $86.68 a barrel last week, but has since risen for six straight days, increasing $6.96, or 8 percent.
Thursday morning, the Labor 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.
