Oil turned positive on Thursday, rising towards $78 a barrel as the dollar weakened after an unexpected increase in US jobless claims, and on strikes in French refineries. US crude oil futures rose 77 cents, or about 0.8 percent, to $78.10 a barrel by 1505 GMT, after falling to as low as $76.32 earlier. Brent crude gained 67 cents to $76.93 a barrel. The oil price fall was limited as the dollar dipped against the yen after the jobless claims data.
Earlier on Thursday, a stronger dollar pushed oil lower by about $1. Some traders cited the extension of French refineries strikes, which may halt output from some plants, pulled up ICE gas oil futures, leading other oil contracts higher. ICE gas oil was trading 1.43 percent higher, compared with 0.4 percent gain in New York heating oil and a 1.15 percent rise in RBOB gasoline futures.
The market focus will shift to official oil figures. Analysts in a Reuters poll expected the figures from the Energy Information Administration (EIA) to show an increase of 2.2 million barrels in US crude oil inventories in the week to Feb 12. They forecast an increase in gasoline inventories and a drop in middle distillates stocks, including heating oil. The figures will be released at 1600 GMT on Thursday, a one-day delay from the normal Wednesday release due to a US public holiday.
