Oil prices rose to their highest value in more than two years on Thursday on a volatile day, on the optimism of strong demand after new applications for unemployment benefits in the United States fell to their lowest level since the first. COVID-19 surge last year.
Brent futures rose 30 cents, or 0.4%, to $ 72.52 a barrel, while US crude West Texas Intermediate (WTI) was up 33 cents, or 0.5%, to $ 70.29. They were the highest closes for Brent since May 2019 and for WTI since October 2018.
The number of Americans filing new jobless claims fell last week to the lowest level in nearly 15 months, while consumer prices rose steadily in May as the weight of the pandemic on the economy continues to decline.
"The recent unemployment and job data released in (the United States) are a definitely positive sign that the country's recovery is accelerating," said Louise Dickson, an analyst at Rystad Energy.
The Organization of the Petroleum Exporting Countries said oil demand would rise 6.6% or 5.95 million barrels per day (bpd) this year.
"Oil prices continue to rise. The outlook for demand continues to strengthen and supply is not necessarily keeping pace," said John Kilduff, a partner at Again Capital LLC in New York.
With information from Reuters.
