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Oil prices rise after U.S. jobless claims fall

By early afternoon in Europe, benchmark oil for November delivery was up 21 cents to $92.28 per barrel in electronic trading on the New York Mercantile Exchange.

By PABLO GARDONI
The Associated Press

10/12/2012

The price of oil rose slightly above $92 a barrel Friday after a big fall in U.S. unemployment benefit claims suggested some improvement in the world's biggest economy, raising expectations for increased demand for energy.

By early afternoon in Europe, benchmark oil for November delivery was up 21 cents to $92.28 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 82 cents to close at $92.07 per barrel in New York on Thursday.

Brent crude, which is used to price international varieties of oil, was down 53 cents to $115.18 on the ICE Futures exchange in London.

The U.S. Labor Department said Thursday that applications for unemployment benefits fell last week to 339,000. That's the lowest in more than four years. If sustained, the lower level could signal stronger hiring.

"We're going to look for more workers and consumers driving and more diesel demand from manufacturers and retailers delivering," said Carl Larry, president of Oil Outlooks and Opinions.

The price of oil rose slightly above $92 a barrel Friday after a big fall in U.S. unemployment benefit claims suggested some improvement in the world's biggest economy, raising expectations for increased demand for energy.

By early afternoon in Europe, benchmark oil for November delivery was up 21 cents to $92.28 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 82 cents to close at $92.07 per barrel in New York on Thursday.

Brent crude, which is used to price international varieties of oil, was down 53 cents to $115.18 on the ICE Futures exchange in London.

The U.S. Labor Department said Thursday that applications for unemployment benefits fell last week to 339,000. That's the lowest in more than four years. If sustained, the lower level could signal stronger hiring.

"We're going to look for more workers and consumers driving and more diesel demand from manufacturers and retailers delivering," said Carl Larry, president of Oil Outlooks and Opinions.

Pamela Sampson in Bangkok contributed to this report.

The Trucker staff can be reached for comment at editor@thetrucker.com.

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