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Brent crude futures were up 1 cents to $79.17 per barrel by 0845
GMT. U.S. West Texas Intermediate crude futures were up 8 cents
at $76.27 per barrel.
Both Brent and WTI were set to gain more than 3% on a weekly
basis.
"Sentiment was also boosted by positive jobs data in the U.S.
with new unemployment claims coming in well below expectations,"
said Panmure Liberum analyst Ashley Kelty.
"With a larger expected draw in U.S. stockpiles this week, hopes
are that the U.S. continues to grow and fears of a recession may
look overblown."
Data showed the number of Americans filing new applications for
unemployment benefits fell more than expected last week,
suggesting fears that the labor market was unraveling were
overblown and easing recession concerns.
The dollar rose on the jobs data. A stronger dollar tends to
lower oil prices, however, as buyers using other currencies have
to pay more for dollar-denominated crude.
Israeli forces stepped up airstrikes across the Gaza Strip on
Thursday, killing at least 40 people, Palestinian medics said,
in further battles with Hamas-led militants.
"Crude oil continued its recovery from its recent plunge as
elevated geopolitical risks came into focus," ANZ analyst Daniel
Hynes said.
The killing last week of senior members of militant groups Hamas
and Hezbollah had raised the possibility of retaliatory strikes
by Iran against Israel, stoking concerns over oil supply from
the world's largest producing region.
Iran-aligned Houthi militants have also continued attacks on
international shipping this week near Yemen, in solidarity with
Palestinians in the war between Israel and Hamas.
Lending further support to prices, Libya's National Oil Corp.
declared force majeure at its Sharara oilfield from Wednesday,
adding that it had gradually reduced the field's output because
of protests.
(Additional reporting by Nicole Jao in New York and Colleen Howe
in Beijing; editing by Clarence Fernandez and Jason Neely)
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