Crude oil futures ended higher for 5th Straight Session on Thursday bolstered by strong US economic data that offset investors’ concerns about the potential for a rise in Iranian supplies. Data released by the Labor Department said initial jobless claims in the US slid to 406,000 in the week ended May 22nd, a decrease of 38,000 from the previous week's unrevised level of 444,000. Street had expected jobless claims to dip to 425,000. Iran and world powers are in talks in Vienna, discussing reviving the 2015 nuclear deal, formally known as the Joint Comprehensive Plan of Action. According to recent reports, the latest round of talks was constructive and the parties made meaningful progress. Meanwhile, the Organization of the Petroleum Exporting Countries and its allies are scheduled to meet next Wednesday (June 1), to discuss energy market conditions and the cartel's production policy.
Crude oil futures for July surged $0.64 or 1 to settle at $66.85 barrel on the New York Mercantile Exchange. July Brent crude rose $0.43 or 0.63 percent to settle at 69.16 a barrel on London's Intercontinental Exchange.