Market Chatter: WTI Oil Near Five-Week High on U.S. GDP, Jobless Claims
"West Texas Intermediate oil fluctuated near a five-week high as the U.S. economy grew at a faster pace than previously estimated in the fourth quarter and more Americans than projected filed applications for unemployment benefits," Bloomberg reported.
It said: "Prices traded in a 68-cent range as U.S. gross domestic product rose at a 0.4% annual rate, up from a 0.1% prior figure, the Commerce Department said today in Washington. Jobless claims increased to 357,000 last week, the highest level in more than a month, the Labor Department reported."
"WTI for May delivery increased 22 cents to $96.80 a barrel on the New York Mercantile Exchange. The contract advanced yesterday to $96.58, the highest settlement since Feb. 19. Prices are up 3.3% this week, heading for a fourth consecutive gain. The market will be closed tomorrow for Good Friday. Brent for May settlement fell 33 cents, or 0.3% to $109.36 a barrel on the London-based ICE Futures Europe exchange."
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