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Market Chatter: WTI Oil Advances as U.S. Jobless Claims Fall

"West Texas Intermediate rose as the number of Americans filing applications for jobless benefits unexpectedly dropped last week. Brent's premium to the U.S. benchmark grade widened for the first time in seven days," Bloomberg said.

Bloomberg reported: "WTI gained as much as 0.5% after the Labor Department said first-time unemployment claims fell by 10,000 to 332,000 last week. The median forecast of 49 economists surveyed by Bloomberg called for an increase to 350,000. Futures dropped earlier after an Energy Information Administration report yesterday showed U.S. crude supplies rose to the highest level for the time of year in records dating back to 1982."

It said: "Crude oil for April delivery rose 26 cents, or 0.3%, to $92.78 a barrel at 11.34 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 11% below the 100-day average. Futures are up 1.1% this year.

It added: "Brent oil for April settlement, which expires today, climbed $1.28, or 1.2% percent, to $109.80 on the on the London- based ICE Futures Europe exchange. The more-active May contract rose 79 cents, or 0.7%, to $109.03. The volume of all futures was 53% above the 100-day average.'

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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