The price of crude oil for front-month deliveries increased on Thursday in the aftermath of the European Central Bank's first rate cut in five years which appeared to alleviate some of the concerns about the bloc's economic stability, seemingly pushing the commodity prices to rise.
The labor market data coming from the United States showed an underwhelming figure for private-sector employment in the country, bolstering hopes that the Federal Reserve might follow its European counterparts during their two-day weekend next week. The upward movement of crude oil prices was further fueled by Russia's reassurance that OPEC+ producers are committed to stabilizing the market.
West Texas Intermediate (WTI) for July contracts jumped 2.16% to sell at $75.65 per barrel at 11:59 am ET. Brent for August settlements climbed 2.03%, trading at $79.94 a barrel.
