2018.04.2614:48:00UTC+00Crude Oil Holds Above $68

Crude oil futures were slightly higher Thursday despite an unexpected rise in U.S. inventories.

The glut of U.S. supplies and ongoing shale boom has been offset by speculation that OPEC will maintain their supply quota plan beyond 2018.

June WTI oil settled at $68.19/bbl on Nymex, up 14 cents, or 0.2%. Rising stocks and upbeat economic data helped improve the outlook for oil demand.

First-time claims for U.S. unemployment benefits fell to their lowest level in nearly five decades in the week ended April 21st, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims dropped to 209,000, a decrease of 24,000 from the previous week's revised level of 233,000.

In other economic news, the European Central Bank left its key interest rates, asset purchases and forward guidance unchanged.