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Oil prices increased on Thursday, maintaining support from a decline in the US crude inventories.
In addition, positive economic showed signs of a recovery despite a record surge in coronavirus disease (COVID-19) cases in the United States.
Brent crude futures closed up by 2.6% or $1.11 at 43.14 per barrel, while the West Texas Intermediate (WTI) futures rose by 2.1% or $0.83 to $40.65 per barrel.
OPEC basket barrel price also exceeded $40 for the first time in four months, settling at $42.66 a barrel, according to Reuters.
The US Non-Farm Payrolls (NFP) report, released by the United States Bureau of Labor Statistics, showed an increase of 4.8 million jobs in June, beating market forecasts.
In addition, data by the US Commerce Department indicated that new factory orders in the United States increased during May on a monthly basis by 8%.
Crude oil inventories decreased by about 7.2 million barrels during the week ended June 26, according to data by the US Energy Information Administration (EIA) released on Wednesday.
