By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures rose Thursday after reports showed a drop in jobless claims and a rise in U.S. productivity, and gunfire erupted in Egypt as clashes turned yet more violent.
Crude for March delivery (CLH11 91.31, +0.45, +0.50%) added 36 cents, or 0.4%, to $91.24 a barrel on the New York Mercantile Exchange.
Supporters of Egyptian President Hosni Mubarak battled anti-government protesters through the night in Cairo’s Tahrir Square. The violence left at least five people dead and hundreds wounded.
“We expressed our concern yesterday that the market appeared to be understating the risks of further political tensions in Egypt and elsewhere, and the eruption of gunfire in Cairo’s Tahrir Square has brought Egypt back into the market’s focus,” analysts at J. P. Morgan said in a report to clients Thursday.
Traffic through the Suez Canal and the flows through the Sumed pipeline remain unhindered.
In the U.S., the Labor Department reported filings for unemployment benefits declined by 42,000 to 415,000. reversing the previous week’s increase. Economists polled by MarketWatch had expected a drop to 418,000. Read more about jobless claims.
Productivity of American businesses rose 2.6% in the fourth quarter as labor costs fell. Economists had projected an increase of 2.2%. See more on U.S. productivity.
Natural-gas futures also rose, with the March contract (NGH11 4.46, +0.04, +0.79%) advancing 3 cents, or 0.7%, to $4.46 per million British thermal units.
The EIA will report its weekly figures on natural-gas supplies Thursday. Analysts polled by Platts expect a decrease of 185 billion to 189 billion cubic feet for the week ended Jan. 28.
A draw within that range would be larger than the 111-bcf pull in the same week in 2010 and above the five-year-average withdrawal of 165 bcf, Platts said.
