Investing.com - Crude oil futures edged higher on Thursday, on hopes the Federal Reserve will maintain its bond purchases for longer and after data showed that profit growth at Chinese industrial companies accelerated in May. On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD95.88 a barrel during European morning trade, up 0.4% on the day. New York-traded oil prices rose by as much as 0.7% earlier in the day to hit a session high of USD96.13 a barrel. The Commerce Department said Wednesday that U.S. gross domestic product expanded at an annual rate of 1.8% in the three months to March, below an earlier estimate of 2.4% growth. Economists had expected the rate of growth to remain unchanged at 2.4%. The disappointing data eased fears the Fed will begin to taper its bond purchase program in the coming months. The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of commodities as it tends to depress the value of the dollar. The U.S. was to release the weekly government report on initial jobless claims and a report on pending home sales later Thursday. Meanwhile, oil prices drew further support after official data showed that profits at China’s industrial companies jumped 15.5% in May from a year earlier, higher than April’s 9.3% gain. Market sentiment received a further boost amid improvement in China’s strained money markets. China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand. Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery rose 0.5% to trade at USD102.16 a barrel, with the spread between the Brent and crude contracts standing at USD6.28 a barrel.

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