Brent Surges to $107.50 after Constructive U.S. Data

Oil futures rose on Thursday supported by positive U.S. economic data, a rise in U.S. gasoline futures and strikes at oil ports in France that curbed supplies.

The number of Americans filing new claims for unemployment benefits fell slightly more than expected last week, according to data released Thursday by the U.S. Labor Department, indicating strength in the economy.

U.S. gasoline prices rose more than 1 percent on the back of rising renewable identification number prices and a seasonal selloff in heating oil as traders move to gasoline futures ahead of the summer driving season.


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.