New York oil hits new three-month high on data

New York oil prices hit a fresh three-month peak on Thursday after encouraging economic figures in top crude consumer the United States.

New York's main contract, light sweet crude for September, jumped to $95.60, following upbeat jobless claims and housing construction data, up $1.27 cents from Wednesday's closing level.

Brent North Sea crude for delivery in September rose 65 cents to $116.90 per barrel in London.

Weekly numbers for new claims for unemployment insurance, an indicator of the pace of layoffs, came in as expected and in the same range of the past four months while July data on new housing construction, although slightly down from June, gave a picture of an industry steadily picking up pace.

The news boosted New York oil prices due to the brighter demand outlook for the world's biggest economy.

Oil had spiked on Wednesday after the US Energy Information Administration said crude inventories plunged 3.7 million barrels in the week to August 10, far heavier than the market had expected. Falling US inventories indicate stronger demand.

"The release of the weekly EIA oil inventories figures... bring optimism about a recovery in the US oil demand," said Sucden analyst Myrto Sokou.

Prices also soared on fresh hopes of more economic stimulus measures in Asian powerhouse China.

"Premier Wen Jiabao said that China faces economic headwinds, but that the recent moderation in inflation data gives the government more room for monetary easing," added GFT Markets analyst David Morrison.

"This boosted hopes that the People's Bank of China may soon provide further stimulus... Any such loosening of monetary policy would be seen as positive for oil demand."

Source: http://news.yahoo.com/oil-prices-stable-recent-spike-115004533.html

e cards smash kate upton sports illustrated outback chaka khan taylor swift safe and sound delilah