Oil Rebounds After US Jobless Figures, Indicators Prompt Growth Optimism - Bloomberg

Crude climbed in New York after reports showed U.S. jobless claims fell and oil output for September increased in China, the world’s biggest energy user, prompting optimism about fuel demand.

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Futures retraced some of yesterday’s 2.4 percent decline after Labor Department figures showed initial jobless claims dropped by 23,000 to 452,000 in the week ended Oct. 15. Chinese crude production gained 9 percent in September, the National Bureau of Statistics said.

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The December contract added as much as 40 cents, or 0.5 percent, to $80.96 a barrel in electronic trading on the New York Mercantile Exchange, and was at $80.88 at 10:28 a.m. Sydney time. Yesterday it lost $1.98 to $80.56. Prices are 0.4 percent lower for the week and up 2 percent this year.

Oil Rebounds After US Jobless Figures, Indicators Prompt Growth Optimism - Bloomberg