FXstreet.com (Barcelona) - Supported by a weak US dollar earlier, crude oil is once again extending higher following upbeat US jobless claims and manufacturing results. In the first hour of the NY session, the most active crude contract for November delivery trades at a $79.29 a barrel where it is nearly up $1.50 since open. The larger-than-expected drop in initial jobless claims by 16,000, as well as the surprising jump in the Chicago PMI figure is helping to overshadow a slightly less-than-expected 2Q GDP result. While the US economy showed signs of slowing compared to the last quarter, a slightly upward revision is also helping to ease any serious concerns. US growth was revised upward to 1.7% from 1.6%, yet still well under the last quarter’s 3.7%. The more-or-less robust data is helping to exasperate positive sentiment in the commodities market triggered yesterday after the EIA reported an unexpected drop in crude oil inventories by 500,000 barrels. What’s more, gasoline reserved fell by 3.5 million barrels signaling stronger consumption patterns.

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