Oil Price Rises


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Oil prices gained ground after the U.S. Department of Labor said in a report on Thursday that the number of individuals filing for initial jobless benefits decreased by 8,000 last week to 287,000. Analysts had expected jobless claims to rise by 2,000 to 297,000 last week.

Investors now looked ahead to the release of the latest U.S. non-farm payrolls report later Friday, for further Oil Prices Futuresindications on the strength of the recovery in the labor market.

Market analysts expect the data to show that the U.S. economy added 215,000 jobs in September, after a gain of 142,000 in August.

Market participants were also monitoring developments in the Middle East, as Turkey’s parliament authorized the government on Thursday to order military action against Islamic State.

Elsewhere, on the ICE Futures Exchange, Brent oil for November inched up 0.03% to trade at $93.84 a barrel, with the spread between the Brent and crude contracts standing at $2.38 a barrel.

¬†Crude oil futures rose on Friday, as Thursday’s upbeat U.S. jobless claims data continued to support and investors awaited an upcoming report on U.S. nonfarm payrolls.

Crude oil rises ahead of U.S. nonfarm payrollsCrude oil advanced on U.S. jobless data, non-farm payrolls on tap

On the New York Mercantile Exchange, crude oil for delivery in November traded at $91.46 a barrel during European early afternoon trade, up 0.49%.

Prices gained 0.31% on Thursday to settle at $91.01.

Futures are likely to find support at $88.18 a barrel, Thursday’s low and resistance at $92.96, the high from October 1.

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