Crude oil prices gained in European trade Thursday as better-than-expected ADP jobs report in the U.S. and the progress in the Greek debt swap deal boosted sentiment.
Light sweet crude for April delivery gained 0.91 percent to $107.13 a barrel in electronic trading on the New York Mercantile Exchange during European trading hours. Brent crude oil futures for April delivery rose 1.05 percent to $125.44 a barrel on the ICE futures exchange in London.
Wednesday, a report from Automatic Data Processing (ADP) showed that the U.S. private sector added more jobs than expected in February. Companies added 216,000 workers to their payrolls in February, up from an upwardly revised 173,000 jobs added in January.
The sentiment was also lifted on hopes that Greece would win enough creditor support to avoid a messy default.
Major banks and pension funds showed their support for Greece's bond swap offer to private creditors, spurring optimism that the deal will pass and clear the way for a bailout package to avert an immediate default on its debt, Reuters reported.
Meanwhile, the U.S. Energy Information Administration Wednesday said that crude oil inventories rose 832000 barrels last week, close to a consensus forecast for an 800000 barrels.