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The cost of oil has risen today, reaching a four-month high at the same time, which was associated with the release of data that showed that the launches of new homes rose more than expected. At the same time, another report showed that the number of initial claims for unemployment benefits dropped to a five-year low.
Oil futures have risen by 1.6%, as the Ministry of Commerce said that housing starts last month rose by 12.1% to 954,000 per annum, reaching a maximum at the same time in June 2008. Meanwhile, the unemployment figures showed that the number of initial applications for benefits fell last week by 37,000 to 335,000 claims.
Economists say that the economic data has been positive and the market reacted accordingly. In addition, these figures give us reason to believe that the future demand for oil will be stronger.
Recall that yesterday futures rose 1% after a report by the Energy Information Administration, which showed that U.S. crude stocks fell by 951,000 barrels to 360.3 million.
Moreover, now many market participants are waiting for data from China, which should show the GDP growth in the fourth quarter. It is expected that the economy will expand by 7.8%, compared with 7.4% in the previous period.
February futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 95.22 dollars a barrel on the New York Mercantile Exchange.
February futures price for North Sea petroleum mix of mark Brent fell to $ 110.32 a barrel on the London Stock Exchange ICE Futures Europe.
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