Crude oil prices turned higher Thursday as US stocks steadied and downbeat US economic data raised hopes the Federal Reserve will keep interest rates ultra-low for the time being.
Feb. oil settled at $31.20/bbl on Nymex, up 72 cents, or 2.4%.
Concerns about surging global supplies prevented a bigger rebound.
Prices touched $29.93 earlier in the week, the lowest since 2003.
U.S. initial jobless claims for the first full week of January, meanwhile, rose by 7,000 to a seasonally adjusted 284,000, the Labor Department said this morning.
The four-week moving average of jobless claims was at its highest since July.
The material has been provided by InstaForex Company – www.instaforex.com