Crude prices continued to rise on Thursday amid latest U.S. economic reports showing more recovery signs.
The National Association of Realtors said that pending home sales registered a record-high rise of 10.4 percent in October, indicating the picking-up of the most-battered housing market.
U.S. retailers reported a robust November. Data showed that same-store sales rose by an average of 6 percent last month, one of the biggest increases in three years.
A separate report from the Labor Department showed the number of people filing for unemployment benefits rose 26,000 in the week ended Nov. 27 to a seasonally adjusted 436,000. But the four-week moving average, which aims to smooth out fluctuation in the data, edged down to a fresh two-year low.
Besides, the European Central Bank abandoned its plans to wind down emergency support for banks and government debt markets, responding to concerns that an early exit from such programs could jeopardize the euro. This gave a lift to the euro, and the U.S. dollar dropped against most major currencies.
Light, sweet crude for January delivery rose 1.25 U.S. dollars to 88.00 U.S. dollars a barrel on the New York Mercantile Exchange.
