Oil rises on positive US economic data; Covid-19 concerns limit gains

Oil futures were up on Thursday, supported by a drop in US unemployment and a drawdown in crude inventories, but the spike in US coronavirus infections fanned concerns that economic activity will weaken in coming weeks.

New Covid-19 cases in the United States rose by nearly 50,000 on Wednesday, according to a Reuters tally, the biggest one-day spike since the start of the pandemic.

Numerous states are advising citizens to restrict movements and closing bars and restaurants again, which is expected to hamper further job growth.