Commodity Daily News

Crude Oil Gains on U.S. Jobs Data

Crude Oil prices rose above $50 a barrel on Thursday, after the United States, the world's largest energy consumer, witnessed the number of workers filing for unemployment benefits unexpectedly fall last week, but continuing claims rose to a record as the recession struck hard. However, its gains remained limited as mixed data from the United States and China reminded investors that any signs of economic recovery were tentative.

Crude Oil trading remained volatile during the session, as investors also digested separate sets of gloomy economic data from the U.S. and other countries. Cautious trading in U.S. stock markets also weighed on Crude Oil prices. News that the Organization of Petroleum Exporting Countries' (OPEC) seaborne oil exports, excluding Angola and Ecuador, will fall 560,000 barrels per day in the 4 weeks to May 2, was also supportive for prices recently.