Oil is trading higher

During the day, oil prices rebounded from four-month low after data showed that the number of initial claims for unemployment benefits in the U.S. unexpectedly fell and Greek lawmakers approved a package of austerity measures, which are necessary to obtain additional financing.

Futures rose 1.5%, since the Department of Labor said the number of applications for unemployment benefits fell by 8,000 to 355,000 level last week, while analysts expect that figure will rise to the level of 365,000.

We also learned that the Greek parliament passed a bill on pensions, wages and cuts.

However, despite this significant growth, oil prices have fallen sharply, and now fluctuate slightly above zero.

Note that the data released today showed that consumer confidence rose last week, and reached its highest level in more than four years. At the same time, consumer comfort index rose to -34.4 for the period, which ended on November 4, while showing the best result since April.

Also today, the European Central Bank President Mario Draghi said that the economic outlook is deteriorating, and the bank is ready to step up its program to purchase bonds if the Greek government has met the necessary conditions.

December futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 84.77 dollars a barrel on the New York Mercantile Exchange.

December futures price for North Sea petroleum mix of mark Brent rose $0.50 to 107.24 dollars a barrel on the London Stock Exchange ICE Futures Europe.