NEW YORK, Oct 29 (Reuters) - U.S. crude oil futures rose more than $1 a barrel on Thursday after data showing the U.S. economy grew in the third quarter for the first time in a year.
"Crude futures are firmly to the upside after government data showed U.S. GDP in the third quarter rose 3.5 percent, beating expectations," Addison Armstrong, analyst at Tradition Energy in Stamford, Connecticut, said in a note.
The Commerce Department, in its first estimate of third-quarter gross domestic product, said the economy grew at a 3.5 percent annual rate, the fastest pace since the third quarter of 2007. [ID:nN28314202]
The dollar weakened against the euro on after the GDP data reduced the greenbacks safe-haven appeal and sent investors elsewhere in search of better returns. [USD/]
The number of U.S. workers filing new jobless benefits claims dipped last week. The number collecting long-term aid fell to the lowest reading in seven months. [ID:nN29353570]
"These numbers were in line with our estimates. There has been concern recently that assets might have moved up too fast. That we're in recovery but that the pace might be sluggish," said Rachel Ziemba, lead energy analyst at RGE Monitor in New York.
Crude oil futures slumped on Wednesday after government oil inventory data showed an unexpected rise in gasoline stockpiles last week. [EIA/S]
* On the New York Mercantile Exchange at 10:06 a.m. EDT (1406 GMT), December crudewas up $1.66, or 2.14 percent, at $79.12 a barrel, trading from $77.03 to $79.17.
* In London, December Brent cruderose $1.24, or 1.63 percent, to $77.10 a barrel, trading from $75.57 to $77.23.
* NYMEX November RBOBrose 0.99 cent, or 0.5 percent to $1.9963 a gallon, trading from $1.9728 to $2.0009.
* NYMEX November heating oilrose 3.30 cents, or 1.65 percent, to $2.0299 a gallon, trading from $1.9910 to $2.0330.
* NYMEX November refined products contracts expire on Friday.
* The December/December RBOB crack spread <0#RB-CL=R> was at $5.34, after ending at $5.78 on Wednesday. The December/December heating oil crack spread <0#CL-HO=R> was at $7.56, after ending at $7.43 on Wednesday.
* The spread between the current front month and the five-year forward crude contractwas at $10.53, based on the December 2014 contract Wednesday settlement at $89.65. The spread ended Wednesday at $12.19.
NYMEX crude 10-day/20-day moving average: $79.38/$75.91
NYMEX crude: $75.00/$80.00
NYMEX heating oil: $1.9588/$2.10
NYMEX RBOB: $1.95/$2.10
* U.S. Energy Information Administration natural gas storage data is set for release on Thursday at 10:30 a.m. EDT (1530 GMT). A Reuters survey of analysts supplies to have risen 31 billion cubic feet last week.
* U.S. stocks rose, with technology shares lifting the Nasdaq up more than 1 percent, after a data showed the economy grew faster than expected in the third-quarter. [.N]
* Iran has presented its response on a U.N.-drafted nuclear fuel deal to the International Atomic Energy Agency. [ID:nLT296935] (Reporting by Robert Gibbons; Editing by Marguerita Choy)
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