Summary Oil prices rise on US economic data and the lack of a breakthrough at international talks on Iran.
NEW YORK CITY (AFP) - Oil prices Thursday received a bounce from some solid US economic data and the lack of a breakthrough at international talks on Iran.
US benchmark West Texas Intermediate for January delivery rose $1.59 to $95.44 a barrel on the New York Mercantile Exchange.
European benchmark Brent oil for January delivery jumped $2.02 to $110.08 a barrel.
Analysts cited a report that showed a drop in weekly US jobless claims and data from market provider Markit that showed rising US manufacturing activity in November.
"People feel that the economy is looking a little better," said Michael Lynch, an energy consultant at Strategic Energy and Economic Research. "People thought the news coming out would be more bearish."
"The market does look like some of the selling pressure that took us to a five-month low has subsided," said Gene McGillian, a broker and analyst at Tradition Energy.
Analysts also cited the lack of progress out of Geneva, where world powers are negotiating with Iran to ease some sanctions in exchange for tougher oversight of Iran's nuclear program.
"Further delays in a resolution or the imposition of additional sanctions could provide the foundation for a move higher in the coming sessions," Sucden brokers analyst Kash Kamal said on Thursday.
Improving relations between the West and Iran has been a factor in the retreat in US oil prices below $100 since October 21.
A senior negotiator for Iran played down the prospect of reaching an agreement with world powers on Thursday, Iranian media reported.
"I do not think the negotiations will reach a conclusion tonight," Abbas Araqchi, a deputy foreign minister, was quoted as saying by the Mehr news agency.
