Oil prices rose on hopes that top oil producers could cooperate to stabilise the oil market. Nigeria's petroleum minister Emmanuel Ibe Kachikwu said on Thursday that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members will meet in Moscow on March 20.

"Both the Saudis and the Russians, everybody is coming back to the table," Kachikwu said.

The Russian Energy Ministry Aleksandr Novak said that oil producers are ready to discuss options for the stabilisation of the oil market.

WTI crude oil for April delivery increased to $35.32 a barrel on the New York Mercantile Exchange.

Brent crude oil for April rose to $37.18 a barrel on ICE Futures Europe.

Gold price rose on a weaker the U.S. dollar. The U.S. dollar fell against other currencies on the weak data from the U.S. services sector. The Institute for Supply Management released its non-manufacturing purchasing managers' index for the U.S. on Thursday. The index fell to 53.4 in February from 53.5 in January, beating expectations for a decrease to 53.2.

Markit Economics released final services purchasing managers' index (PMI) for the U.S. on Thursday. Final U.S. services purchasing managers' index (PMI) fell to 49.7 in February from 53.2 in January, down from the preliminary reading of 49.8. It was the lowest level since October 2013. The index was driven by a decline in new business.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, climbed to 25.35 million ounces on Wednesday, the highest level since September 2014.

March futures for gold on the COMEX today rose to 1256.90 dollars per ounce.

The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending February 27 in the U.S. increased by 6,000 to 278,000 from 272,000 in the previous week.

Analysts had expected jobless claims to decline to 271,000.

Jobless claims remained below 300,000 the 52nd straight week. This threshold is associated with the strengthening of the labour market.

Continuing jobless claims climbed by 3,000 to 2,257,000 in the week ended February 20.

The Caixin/Markit Services Purchasing Managers' Index (PMI) for China declined to 51.2 in February from 52.4 in January, missing expectations for a rise to 52.6.

The index was driven by a softer growth in new business and employment.

"The services sector has outperformed manufacturing industries, reflecting continued improvement in the economic structure. While implementing measures to stabilize economic growth, the government needs to push forward reform on the supply side in the services sector to release its potential," Dr. He Fan, Chief Economist at Caixin Insight Group, said.

(raw materials / closing price /% change)

Oil 34.73 +0.20%

Gold 1,240.50 -0.10%