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.

Gold prices decline after rising early in the session on the background of recovery in stock markets and data applications for unemployment in the United States .

Publish controversial U.S. macroeconomic statistics , keeping investors uncertain about the stability of economic growth. The number of jobs in the private sector in January was increased by the slowest pace since August 2013 , but the growth of non-manufacturing sector accelerated.

Recent data from the U.S. Labor Department showed that the number of applications for unemployment benefits dropped significantly last week , indicating a marked improvement in the labor market . According to the report , the seasonally adjusted number of initial claims for unemployment benefits fell for the week ending February 1 , 20 thousand , thus reaching the level of 331 thousand Many experts expect that the number of complaints dropped to 334 thousand from 348 thousand , which originally reported last week.

Now investors are waiting for coming in Friday 's official employment report in the U.S..

Activity in the physical markets decreased in the absence of Chinese buyers , who will return to work on Friday after the New Year celebration .

The cost of the April gold futures on the COMEX today rose to $ 1267.50 per ounce and then fell to $ 1252.50 per ounce.

Gold $1,258.20 +1.30 +0.10%

Oil $97.33 -0.05 -0.05%