West Texas Intermediate crude rose to a six-week high as a report showed fewer Americans than forecast filed applications for unemployment benefits.
Gold futures fell as signs of gains in the U.S. economy eroded demand for the metal. Platinum dropped amid signs of progress in the labor dispute in South Africa, the world’s biggest producer.
Rigs targeting oil and natural gas in the U.S. were unchanged this week at 1,831, according to Baker Hughes Inc.
Encana Corp.’s sale of shares in a royalty unit as early as next month is poised to be the largest initial public offering in the Canadian oil and natural gas industry since 2010.
Gasoline rose, headed for a second straight weekly gain, on lower supplies and higher demand.
Brent crude traded near a six-week high amid concern that the escalating crisis in Ukraine will disrupt supplies. West Texas Intermediate rose for a second day.
A labor dispute that all but shut platinum mines in South Africa since January is extending the longest shortfall in global production since 2005, which Morgan Stanley predicts will take at least four years to fix.
Ethanol declined in Chicago for a fourth day following a government report that production last week climbed to the highest level since December.
Brent crude climbed to a six-week high on the escalating Ukraine crisis. West Texas Intermediate traded near $104 a barrel after a government report showed that U.S. inventories surged last week.
Gold futures advanced, rebounding from the biggest drop in 16 weeks, as turmoil in Ukraine spurred demand for the precious metal as a haven.