Labor Dept. data pushes oil prices up slightly

Crude oil prices rose slightly Thursday after the Labor Department released its latest data on new and continuing jobless claims.

Newly filed unemployment claims in the United States dropped by 52,000 in the week ending 4 July from the week before, to 565,000, the lowest count since January.

However, continuing claims rose by 159,000 to 6.88 million individuals in the week ending 27 June, an indication that while fewer people filed new claims last week, the jobs market is still not stabilizing, which could mean continuing low demand for oil and oil products.

August contracts for West Texas Intermediate crude added 27 cents to $60.41 per barrel on the New York Mercantile Exchange, while Brent crude was up 53 cents to $60.69 per barrel on the ICE Futures Europe exchange in London.

Earlier in the day, WTI prices fell below $60 per barrel for the first time since May.

Nymex August gasoline futures were 3 cents higher to $1.66 per gallon and August natural gas gained 6 cents to $3.41 per million Britishs thermal units, but August heating oil traded about even at $1.54 per gallon.

Meanwhile, the retail price of gasoline in the United States fell about a cent to $2.58 per gallon on average nationally.