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1st LD Writethru: Oil prices rally amid geopolitical worries

Xinhua, April 24, 2015 Adjust font size:

Oil prices rose Thursday amid geopolitical tensions in the Middle East.

Saudi Arabia and its allies resumed air strikes on Huthi rebels in Yemen Thursday. Yemen shares the border with Saudi Arabia, a leading oil producer. The geopolitical worries of Yemen supported oil prices.

Oil prices were also boosted as the U.S. dollar decreased against other major currencies on Thursday as economic data from the country were overall negative.

The devalued dollar made dollar-priced oil more affordable and attractive to investors using foreign currencies.

In the week ending April 18, the advance figure for seasonally adjusted initial jobless claims increased 1,000 from the previous week's unrevised level to 295,000, beating market expectations, the U.S. Labor Department said Thursday.

Sales of new single-family houses in March 2015 were at a seasonally adjusted annual rate of 481,000, well below market consensus, according to a report released by the U.S. Department of Commerce Thursday.

Light, sweet crude for June delivery gained 1.58 U.S. dollars to settle at 57.74 U.S. dollars a barrel on the New York Mercantile Exchange,while Brent crude for June delivery moved up 2.12 dollars to close at 64.85 dollars a barrel. Endite