The oil complex was higher on Thursday as traders reacted to a surprisingly large decline in initial jobless claims. After a steady diet of bearish economic news, this week’s unemployment figure was a surprising breath of fresh air. Initial jobless claims dropped by 31,000, which was the first decline seen in a month. It was also by a decent amount. This news could not prevent the DJIA from selling off below 10,000, dropping 74.25 to 9,985.81, so it was not the stock market that helped oil prices. The dollar was slightly lower yesterday, but it was hardly a major move. Nonetheless, the slightly better employment figure seems to have brought investors back into oil.
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