U.S. oil price continued climbing on Thursday as unrest in the Middle East caused supply concerns and positive U.S. trade data offered lift.
The continuing violence in Syria and Yemen and the tension between Iran and Israel drew an unstable picture in the oil-rich Middle East and North Africa. Supply concerns continued to weigh in the crude markets after the Organization of Petroleum Exports Countries (OPEC) failed to reach an agreement on increasing output on Wednesday, missing the expectations that more supply could pull down the high fuel prices.
There were sources saying the United States and the International Energy Agency may consider tapping emergency oil reserve to cool the crude markets.
And on Thursday, positive U.S. trade data for April overshadowed the increase of initial jobless claims last week and offered lift for oil prices. The U.S. record exports in April narrowed the U.S. trade deficit, easing worries about the economic recovery and worries about oil demand.
Light, sweet crude for July delivery rose 1.19 dollars, or 1.18 percent to settle at 101.93 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for July delivery also gained and last traded around 120 dollars a barrel.
