Commodity Daily News

Crude Reverses Losses on Economic Recovery Optimism

Crude Oil prices rose higher on Thursday to $50.92 a barrel as gains in wider global markets offset rising energy inventories and slumping demand. Oil prices had been buffeted earlier this week on speculation that global health concerns about the spread of swine flue would trim demand for fuel.

The number of U.S. workers filing new claims for unemployment aid fell unexpectedly last week, suggesting the pace of layoffs was easing, helping to lift the U.S. stock market ahead of the settlement in oil prices.

Markets were also eyeing the flu outbreak as officials urged increased worldwide precautions against an imminent pandemic and Mexico began shutting down parts of its economy to slow the spread of the new flu strain. Analysts have said the flu could hurt jet fuel demand by curtailing travel.