US crude futures spike on employment data, eurozone rate cut

02 May 2013 20:39  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for June delivery surged ahead by more than 3% on Thursday.

WTI settled at $93.99/bbl, up $2.96/bbl.

The rally was supported by data showing US jobless claims at their lowest level since 2008, as well as the European Central Bank’s (ECB) decision to cut interest rates in an attempt to bolster the eurozone economy.

ICE Brent for June delivery settled at $102.85/bbl, up $2.90/bbl.

Fresh claims for unemployment benefits in the US dropped to 324,000 claimants last week, the lowest levels since January 2008, according to the US Department of Labor. The decline indicates that the US economy is recovering, albeit its first quarter GDP result was below expectations.

The ECB slashed its interest rate by 25 basis points to 0.50% on Thursday in a move to encourage higher rates of borrowing and investment to stimulate the ailing eurozone economy.

Additional reporting by Kawai Wong

By: Bobbie Clark
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