Positive US economic data, geopolitical tensions push oil up 2%

Oil prices rose more than $1 on Thursday after US economic data eased fears of an impending recession in the United States, the world’s largest economy, but continued concerns about slowing global demand capped gains.

Brent crude futures rose $1.51, or 1.89%, to $81.27 a barrel. US West Texas Intermediate (WTI) crude futures rose $1.44, or 1.87%, to $78.42 a barrel.

Data showed US retail sales rose more than expected in July, while another report showed a smaller-than-expected increase in the number of Americans filing for unemployment benefits.

Both benchmarks fell more than 1% on Thursday after US crude inventories unexpectedly rose.