Oil rises on economic recovery hopes, weaker dollar | Reuters

Oil rises on economic recovery hopes, weaker dollar | Reuters

Oil prices rose more than $1 a barrel on Thursday, rebounding on optimism about the pace of global economic growth despite the coronavirus pandemic, as well as on a sharp decline in U.S. crude inventories.

Brent crude was up $1.78, or 2.5%, at $73.37 a barrel by 11:43 a.m. EDT (1543 GMT). West Texas Intermediate (WTI) crude rose $1.92, or 2.8%, to $70.51.

The number of Americans filing new claims for jobless benefits fell last week, while layoffs in August dropped to their lowest level in more than 24 years, suggesting the labor market was charging ahead despite new COVID-19 infections. read more

"Although oil is lagging equities, its downside is clearly limited by the general confidence surrounding the global economy despite consistent fears of the prolonged spread of the coronavirus," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.