BS: Crude Gains in New York on Jobless Claims, Manufacturing
Oil advanced in New York as U.S. jobless claims fell and on a report that manufacturing expanded in the New York region.
Futures rose after the Labor Department said unemployment insurance applications fell to 351,000 last week, matching a four-year low. Manufacturing in the New York area grew in March at the fastest pace since June 2010.
Crude oil for April delivery rose 36 cents, or 0.3 percent, to $105.79 a barrel at 10:55 a.m. on the New York Mercantile Exchange. The price ranged from $105.04 to $106.18. Futures are up 7 percent this year.
Brent oil for April settlement fell 52 cents, or 0.4 percent, to $124.45 a barrel on the London-based ICE Futures Europe exchange. The contract expires today. May futures slipped 64 cents, or 0.5 percent, to $123.94.
U.S. jobless claims were forecast to decline to 357,000, according to the median estimate in the Bloomberg News survey of 52 economists.
The Federal Reserve Bank of New York’s general economic index unexpectedly increased to 20.2 this month from 19.5 in February. The median forecast in a Bloomberg News survey of economists was 17.5. The so-called Empire State Index covers New York, northern New Jersey and southern Connecticut.
To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net
