Crude prices rise near 85 USD on positive economic data

Crude prices rose near 85 U.S. dollars per barrel on Thursday on positive economic data.

A report from the Institute for Supply Management also showed a rosy picture in the U.S. manufacturing sector. The ISM manufacturing index came in at a six-year high of 59.6, compared with an expected reading of 57, reflecting strong growth from February’s level of 56.6.

The U.S. Labor Department said that initial claims for unemployment benefits slipped 6,000 to a seasonally adjusted 439, 000, in line with market expectations.

Meanwhile, the four-week moving average of new claims, which irons out week-to-week volatility, dropped 6,750 to 447,250. The number was better than analysts had expected and also the lowest level since September 2008.

The benchmark crude for May delivery up 1.11 dollars to settle at 84.87 dollars a barrel on the New York Mercantile Exchange after reaching an intraday high of 85.22 dollars.

In London, Brent crude rose 1.31 dollars to settle at 84.01 dollars on the ICE futures exchange.

VietNamNet/Xinhuanet

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