WASHINGTON (dpa-AFX) - Crude oil futures settled higher on Thursday, recovering from recent losses, despite data showing a less than expected U.S. first-quarter GDP growth.
West Texas Intermediate Crude oil futures for June ended higher by $0.76 or about 0.92% at $83.57 a barrel.
Brent crude futures were up $1.07 or about 1.22% at $89.09 a barrel a little while ago.
Oil prices advanced despite a bigger than expected increase in crude inventory in the U.S. in the week ended April 19th.
Data from the Commerce Department showed the U.S. economy grew by much less than expected in the first quarter of 2024.
The Commerce Department said gross domestic product increased by 1.6% in the first quarter after surging by 3.4% in the fourth quarter of 2023. Economists had expected GDP to jump by 2.5%.
Wednesday's data from U.S. Energy Information Administration (EIA) that showed crude oil inventories dropped by 6.4 million barrels in the week ended April 19th, contributed a bit for the rise in oil prices.
Meanwhile, on the geopolitical front, Israel is reportedly launching airstrikes on Rafah as the country makes preparations to invade the city, despite warnings from allies that such an operation would compound the humanitarian crisis in Gaza.
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