Oil prices rise on upbeat economic data

Oil price continued to rise Thursday amid an upward revision to U.S. growth figures of the fourth quarter last year.

U.S. real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of 2013, according to the final estimate released by the U.S. Commerce Department. The latest data was upwardly revised from the department's second estimate of 2.4 percent.

The number of Americans who initially applied for jobless benefits last week unexpectedly fell 10,000 to a seasonally adjusted 311,000, the lowest level in nearly four months, said the Labor Department Thursday. Analysts had expected a rise in the claims.

Moreover, U.S. pending home sales declined for the eighth straight month in February, according to the National Association of Realtors. The forward-looking indicator based on contract signings dropped 0.8 percent to 93.9 on a monthly basis, the lowest since October 2011, but still consistent with analysts' forecast.

An Energy Information Administration report Wednesday showed that inventories at Cushing, Oklahoma, the delivery point for the contract, dropped for an eighth week to a two-year low.

Supplies at the hub dropped as a new portion of pipeline started to transport crude from Cushing to the Gulf Coast.

Further, the Ukraine crisis continued to give the crude market added support.

Light, sweet crude for May delivery moved up 1.02 U.S. dollars to settle at 101.28 dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery gained 80 cents to close at 107.83 dollars a barrel.