World Business

Crude prices rise near $85 on positive economic data

(Xinhua)
Updated: 2010-04-02 13:38

NEW YORK: Crude prices rose near $85 per barrel on Thursday on positive economic data.

Global markets all moved higher on Thursday as robust manufacturing data from China and European Union reassured investors that global economy will continue its gradual recovery.

A report from the Institute for Supply Management also showed a rosy picture in the US manufacturing sector. The ISM manufacturing index came in at a six-year high of 59.6, compared with an expected reading of 57, reflecting strong growth from February's level of 56.6.

The US Labor Department said that initial claims for unemployment benefits slipped 6,000 to a seasonally adjusted 439,000, in line with market expectations.

Meanwhile, the four-week moving average of new claims, which irons out week-to-week volatility, dropped 6,750 to 447,250. The number was better than analysts had expected and also the lowest level since September 2008.

The benchmark crude for May delivery up $1.11 to settle at $84.87 a barrel on the New York Mercantile Exchange after reaching an intraday high of $85.22.

In London, Brent crude rose $1.31 to settle at $84.01 on the ICE futures exchange.