Oil prices recover from long losing streak

Crude prices on Thursday bottomed out from recent low levels as some investors took profits from a long losing streak.

The West Texas Intermediate (WTI) crude prices stopped a nine- day drop, the longest losing session since 2009. However, WTI is still trading near the highest level since 2008.

A pair of positive U.S. economic data which showed that the world's largest economy remained on track of recovery may boost future demand for crude oil.

In the week ending July 5, the advance figure for seasonally adjusted initial claims was 304,000, a more-than-expected decrease of 11,000 from the previous week, the U.S. Labor Department said Thursday.

Meanwhile, U.S. wholesale inventories, a key component of gross domestic product (GDP) changes, rose 0.5 percent in May from April, slightly lower than market consensus, but still signaling a pickup in momentum for the U.S. economy in the second quarter of this year.

Global crude oil prices had been falling for more than a week as investors were less concerned over crude supply from Iraq and Libya.

The violence in Iraq hasn't spread to the south, the source of most of the country's output. Iraq stands as the second-largest producer of the Organization of Petroleum Exporting Countries ( OPEC).

In addition, Libya's largest and third-largest ports, Es Sider and Ras Lanuf, were also ready to resume export after being occupied by rebels for a year.

Light, sweet crude for August delivery climbed 64 cents to settle at 102.93 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 39 cents to close at 108.67 dollars a barrel.