Macroeconomics lifts crude oil prices

Stable personal income and spending in the United States, coupled with lower unemployment, helped lift crude oil prices on the last trading day of April.

The U.S. Commerce Department said Thursday personal income increased less than 0.1 percent from last month as did spending. From the Labor Department, meanwhile, comes word initial claims for unemployment for the week ending April 25 fell 34,000 to 262,000. Unemployment figures are at their lowest level in 15 years.

Data suggest a slow but steady improvement in the U.S. economy, though demand may be tempered moving forward.

West Texas Intermediate, the U.S. oil standard, increased nonetheless in early Thursday trading, gaining 1 percent from the previous session to $59.16. WTI for April is up nearly 25 percent.

A weakened crude oil market has spilled over to impact state economies, though the Labor Department said oil-rich Texas was among the states posting fewer layoffs in its latest report.

Household incomes in the European Union mirrored U.S. developments. For 19 key economies in Europe, the seasonally-adjusted unemployment rate was 11.3 percent in March, relatively unchanged from February but down from the 11.7 percent for March 2014.

Eurostat, the statistical office of the EU, said Thursday the area annual inflation rate for April was nil, up from the negative 0.1 percent for March.

Brent crude, a global benchmark price based on North Sea blends, gained about one-half percent to trade for $66.18 per barrel Thursday. Brent is up about 19 percent for the month.

A market tilted to the supply side continues to weigh on crude oil markets. The Organization of Petroleum Exporting Countries said in its latest market report much of the growth in demand will come from Asian economies.