Oil prices gain 1%, boosted by U.S. economic data | Reuters

Oil prices gain 1%, boosted by U.S. economic data | Reuters

Oil prices rose 1% on Thursday, bolstered by strong U.S. economic data that offset investors’ concerns about the potential for a rise in Iranian supplies.

Brent rose 59 cents, 0.9%, to settle at $69.46 a barrel. U.S. West Texas Intermediate (WTI) crude rose 64 cents, or 1%, to settle at $66.85 a barrel.

The number of Americans filing new claims for unemployment benefits dropped more than expected last week, according to data from the U.S. Labor Department.

The U.S. economy, which in the first quarter notched its second-fastest growth pace since the third quarter of 2003, is gathering momentum, with other data on Thursday showing business spending on equipment accelerated in April.

“That’s given us more of a risk-on attitude about the markets,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “We’re back to focusing on supply and demand.”