2014.04.2416:01:00UTC+00Crude Oil Ends Higher On Ukraine Worries

U.S. crude oil snapped a two-day loss to end higher on Thursday, as worries over the Ukraine situation outweighed the more-than-expected jump in U.S. crude stockpiles last week. Tensions between Ukraine and Russia further intensified, with Moscow threatening to intervene if Kiev continued its crackdown on pro-Russian activists.

Meanwhile, Moscow launched new military drills along the border with eastern Ukraine, further escalating the already heightened standoff. Investor concerns grew as the conflict could result in probable disruption of crude oil supplies from the region.

Investors largely ignored some mixed economic data from the U.S. with initial jobless claims rising while durable goods jumped more than expected in March.

Light Sweet Crude Oil futures for June delivery, the most actively traded contract, gained $0.50 or 0.5 percent to close at $101.94 a barrel on the New York Mercantile Exchange Thursday.

Crude prices for June delivery scaled a high of $102.35 a barrel intraday and a low of $101.40.

On Wednesday, crude oil futures ended at a more than two-week low, hurt by a surge in crude stockpiles and some weak U.S. home sales data.

The dollar index, which tracks the U.S. unit against six major currencies, traded at 79.80 on Thursday, down from its previous close of 79.86 late Wednesday in North American trade. The dollar scaled a high of 79.97 intraday and a low of 79.75.

The euro traded higher against the dollar at $1.3827 on Thursday, as compared to its previous close of $1.3817 late Wednesday in North America. The euro scaled a high of $1.3842 intraday and a low of $1.3792.

In economic news from the U.S., the Commerce Department said durable goods orders jumped 2.6 percent in March, the biggest rise in four months. Economics expected durable goods orders growth of 2 percent month-over-month.

Meanwhile, the U.S. Labor Department's report showed initial jobless claims to have jumped by 24,000 to 329,000 last week, a three-week high. Economists expected claims to rise to 313,000 from 304,000 in the previous week.

Sentiment among German firms improved unexpectedly in April with businesses more confident about their future activities, notwithstanding risks from the Ukraine crisis. Business confidence rose to 111.2 in April from 110.7 in March, data from the Munich-based Ifo Institute showed Thursday. The index was forecast to fall to 110.4. The current conditions index improved to 115.3 from 115.2 in March, but below the expected score of 115.6.