Bloomberg News

Crude Gains in New York After Jobless Claims in U.S. Decline

June 30, 2011

June 30 (Bloomberg) -- Crude oil rose in New York, erasing an earlier decline, after a report showed the number of intitial jobless claims in the U.S. decreased last week.

Oil for August delivery on the New York Mercantile Exchange was up 54 cents at $95.31 a barrel at 1:55 p.m. London time. The contract earlier fell as low as $94.15 a barrel.

Jobless claims fell by 1,000 to 428,000 in the week ended June 25, Labor Department figures showed today in Washington. The median forecast of economists in a Bloomberg News survey called for a drop to 420,000.

“Any slightly bad news is a buying opportunity at the moment,” said Alexander Ridgers, head of commodities at CMC Markets in London. “There are a lot of buyers out there, so bad news, as long as it’s not too bad, provides a good opportunity to get long without moving the market.”

--With assistance from Shobhana Chandra in Washington. Editors: John Buckley, Raj Rajendran

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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