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U.S. oil price rises amid strong economic data

English.news.cn   2013-12-06 06:03:27            

NEW YORK, Dec. 5 (Xinhua) -- U.S. oil price rose Thursday amid an acceleration of the U.S. third-quarter economic growth and an unexpected drop in jobless claims last week.

The U.S. economy increased at an annual rate of 3.6 percent in the third quarter, up from an initial reading of 2.8 percent, said the U.S. Commerce Department on Thursday.

The growth was the strongest since the first quarter of 2012. The acceleration was boosted by private inventories and residential fixed investment, the department said.

Moreover, the number of Americans who initially applied for jobless benefits dropped a sizable 23,000 to 298,000 in the week ended Nov. 30, better than economists' estimates of a mild uptick, said the Labor Department.

Recent U.S. economic data, which were mostly strong, bodes well for oil demand as the United States is the top oil consumer of the world.

U.S. oil price was also underpinned as crude supplies fell for the first time in 11 weeks in the week ended Nov. 29. American crude inventories fell 5.59 million barrels to 385.8 million barrels last week, Energy Information Administration (EIA) said Wednesday.

Light, sweet crude for January delivery gained 18 cents to settle at 97.38 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 90 cents to close at 110.98 dollars a barrel.

Editor: Mu Xuequan
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