Crude oil prices moved higher on Thursday, extending gains to a fifth straight session, riding on recent data showing a drop in U.S. crude inventories, strong U.S. employment data and amid optimism about increased demand in the U.S. and Europe.
Oil prices drifted down earlier in the day as traders continued to closely follow the developments with regard to negotiations over the Iran nuclear deal.
West Texas Intermediate Crude oil futures for July ended up by $0.64 or about 1% at $66.85 a barrel.
Brent crude futures were up by $0.43 or 0.63% at $69.16 a barrel a little while ago.
Iran and world powers are in talks in Vienna, discussing about reviving the 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action. According to recent reports, the latest round of talks was constructive and the two parties made meaningful progress.
Meanwhile, the Organization of the Petroleum Exporting Countries and its allies are scheduled to meet next Wednesday (June 1), to discuss energy market conditions and the cartel’s production policy.
Data released by the Labor Department said initial jobless claims in the U.S. slid to 406,000 in the week ended May 22nd, a decrease of 38,000 from the previous week’s unrevised level of 444,000. Economists had expected jobless claims to dip to 425,000.
Jobless claims decreased for the fourth consecutive week, once again falling to their lowest level since hitting 256,000 in the week ended March 14, 2020.
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