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Capitals – Oil prices rose 1% in trading on Thursday, supported by strong US economic data that overshadowed investor concerns about the possibility of increasing Iranian supplies.
Brent rose 59 cents, equivalent to 0.9%, to determine the settlement price at $ 69.46 a barrel, while US West Texas Intermediate crude increased 64 cents, or 1%, to close at $ 66.85 a barrel.
The number of Americans filing for new unemployment benefits fell more than expected last week, according to data from the US Labor Department.
The US economy is gaining momentum, after it grabbed in the first quarter of the year its second fastest growth rate since the third quarter of 2003. Data released yesterday indicate an acceleration in corporate spending on equipment in April.
“This awakened the appetite for risk in the markets … we are back to focus on supply and demand,” said Phil Flynn, analyst at Price Futures Group in Chicago.
And oil prices, at the beginning of trading Thursday, fell below $ 69 a barrel, amid fears that the market might face a flood of Iranian barrels if the sanctions imposed on it were lifted under an agreement on its nuclear program.
The US Texas Intermediate crude fell below $ 66, after rising nearly 7% in the past four sessions.
With the ongoing talks between Iran and world powers in Vienna to revive the nuclear deal, traders await details about the negotiations, including sticking points and the timing of any revival of oil flows. Agencies
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