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After showing a notable decline in early trading, the price of oil showed a substantial turnaround over the course of the trading day on Thursday. A downturn in the value of the U.S. dollar contributed to the rebound by the price of oil.
Crude for October delivery ended the session up $1.06 at $72.49 a barrel after falling as low as $69.83 earlier in the trading day. Nonetheless, oil prices remained well off the ten-month highs set earlier this week.
The rebound was partly due to a pullback by the U.S. dollar, which turned lower against the euro and the pound after seeing some earlier strength. The drop in value of the dollar made oil more attractive as an alternative investment.
Oil prices also rebounded along with stocks, which showed a notable move back to the upside after seeing considerable weakness in early trading.
Boeing (BA) helped to lead the way higher on Wall Street after saying its long-delayed 787 jetliner would be ready for its first test flight by the end of the year.
Traders also digested the latest batch of economic data, including a report from the Commerce Department showing that the pace of contraction in GDP in the second quarter was unrevised from the advance estimate.
The report showed that GDP decreased at an annual rate of 1.0 percent in the second quarter, unchanged from the 1.0 percent decrease originally reported in late July. Economists had been expecting GDP to be revised to show a decrease of 1.5 percent.
Separately, the number of people filing for first-time unemployment benefits edged down last week, according to a report released by the Labor Department, although jobless claims remain at a relatively high level.
The report showed that jobless claims edged down to 570,000 in the week ended August 22nd from the previous week's revised figure of 580,000. Economists had been expecting jobless claims to slip to 565,000 from the 576,000 originally reported for the previous month.
Trading on Friday could be impacted by the release of the Commerce Department's report on personal income and spending in the month of July. Income is expected to edge up 0.1 percent, while spending is expected to increase by 0.2 percent.
In other commodities trading, the price of gold ended the day moderately higher after showing a lack of direction for much of the session. Benefiting from the pullback by the dollar, gold for December closed up $1.50 at $947.30 an ounce.
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