West Texas Intermediate crude advanced for a third day as applications for U.S. unemployment benefits fell for the first time in three weeks.

Prices climbed as much as 1.5 percent. Jobless claims dropped by 20,000 to 331,000 in the period ended Feb. 1, the Labor Department reported. WTI also followed gains in other commodities as the euro strengthened against the dollar. European Central Bank President Mario Draghi reiterated today that the bank will take action to boost the economy.

WTI for March delivery rose 93 cents, or 1 percent, to $98.31 a barrel at 10:45 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 13 percent more than the 100-day average.

Brent for March settlement gained 68 cents, or 0.6 percent, to $106.93 a barrel on the London-based ICE Futures Europe exchange. Volume of all futures traded was 9.1 percent above the 100-day average.The European crude was at a premium of $8.62 to WTI on the ICE exchange. The spread closed at $8.87 yesterday.