Crude prices up on US jobs news

The price of crude oil was up slightly Thursday after the US Labor Department reported that first-time jobless claims fell last week, the third week out of the past four that fewer people filed for unemployment compensation.

The decline in new claims raised hopes among some analysts that demand for oil and oil products will rise, but others were skeptical that demand will rise significantly any time soon.

In afternoon trade in New York, West Texas Intermediate crude for May delivery had added 16 cents to $80.77 per barrel on the New York Mercantile Exchange, while at last report Brent crude was up 15 cents to $79.77 per barrel on the ICE Futures Europe exchange in London.

Nymex May natural gas futures were down a cent to $3.97 per million British thermal units in afternoon trade and April futures hit a record low during the session after the US Energy Information Administration reported that natural gas inventories added 11 billion cubic feet in the week ending 19 March, taking stockpiles to 8 percent above the five year average.

May gasoline futures were about even at $2.22 per gallon on Nymex, while May heating oil futures were up less than a cent to $2.07 per gallon.

The retail price of a gallon of gasoline in the United States dropped less than a cent overnight to $2.813 per gallon on average, according to AAA, still well above prices last month and last year.