Investing.com - U.S. oil futures bounced off a six-month low on Thursday, after data showed that the number of people who filed for unemployment assistance in the U.S. last week fell more than expected.
On the New York Mercantile Exchange, crude oil for delivery in September tacked on 0.12%, or 12 cents, to trade at $97.03 a barrel during European morning hours. Prices fell to $96.56 earlier, the lowest since February 4.
The U.S. Department of Labor said that the number of individuals filing for initial jobless benefits last week decreased by 14,000 to 289,000. Analysts had expected jobless claims to rise by 2,000 to 305,000.
The four-week moving average was 293,500, a decrease of 4,000 from the previous week’s total of 297,500 and the lowest level since February 2006.
The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery eased up 0.32%, or 34 cents, to trade at $104.93 a barrel.
In the euro zone, the European Central Bank said it was maintaining its benchmark interest rate at a record-low 0.15%, in line with market expectations.
The central bank also held its marginal lending at 0.40% and left its deposit facility rate unchanged at -0.10%.
Speaking at the ECB’s post-policy meeting press conference, Draghi said that the central bank will continue to monitor developments closely and will consider all instruments available to support growth.
Gains were limited on fears that Russian sanctions will dampen the global recovery and hurt oil demand.
Russia announced that it will ban certain imports from the U.S. and Europe in retaliation against Western sanctions over its support for rebels in Ukraine.
The move follows a statement by NATO on Wednesday, saying that Russia amassed around 20,000 troops on Ukraine's border and could use the pretext of a humanitarian or peace-keeping mission to invade.