LONDON (SHARECAST) - Crude oil futures firmed on Thursday after weekly US job figures came in better than expected.
Crude for January delivery closed 9 cents ahead at $88.37 a barrel on the New York Mercantile Exchange.
The number of Americans filing first time jobless claims fell 17,000 to 421,000 in the week ended 4 December, fresh Labor Department figures showed. Analysts had expected a figure around 425,000.
Meanwhile continuing claims dropped 191,000 to a seasonally adjusted 4.09m compared with forecasts of a drop to 4.24m.
With oil prices close to $90 a barrel, focus will turn to Opec’s oil ministers as they meet on Saturday in Ecuador.
At the last meeting Saudi oil minister Ali Naimi raised his upper price limit to $90 from a previous $70-$80 range as the global recovery started to take pace and demand recovered. Earlier this week crude oil prices breached $90 a barrel however analysts do not expect the oil cartel to make any major changes or announcements.
Bullion snapped a two day losing streak with gold for February delivery rising $9.60 to $1,392.80 an ounce on the New York Mercantile Exchange.
Profit takers knocked gold prices 2% lower on Wednesday but by the next session its safe haven allure was back in demand.
Silver for March also recovered from the previous session’s slide, rising 56 cents to $28.82 an ounce. Copper for March slipped 1 cent to $4.09 a pound.
