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Oil prices climbed higher Thursday, despite a reported increase in US crude inventories, as the Philly Fed manufacturing index recorded its sixth consecutive monthly rise, adding to hopes of a strengthening economic recovery.
Crude oil for delivery in March settled $1.73 higher at $79.06 per barrel in the New York Mercantile Exchange, its highest level since mid-January.
Data from the Energy Information Administration revealed a bigger-than-expected 3.1 million rise in US crude inventories in the week ended February 12. However, distillate stocks including heating oil fell 2.9 million barrels during the week.
Wednesday, the American Petroleum Institute had reported US crude inventories fell by 63,000 barrels in the week ended February 12, countering analysts' expectations for a build in stockpiles.
The Federal Reserve Bank of Philadelphia reported Thursday its index of manufacturing activity rose to 17.6 in February from 15.2 in January, indicating continued improvement in manufacturing conditions in the mid-Atlantic region. Economists had been expecting the index to increase to a reading of 17.0.
But data from the labor market was rather downbeat. Initial claims for jobless benefits in the US rose to 473,000 from the previous week's revised figure of 442,000, according to the Labor Department.
The Conference Board's leading economic indicators index rose 0.3% in January, registering an increase for the tenth consecutive month. But the increase was smaller than economists had been anticipating.
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