Crude price advances on upbeat economic data

U.S. crude price gained Thursday amid better-than-expected economic growth data from the country.

The U.S. real gross domestic product (GDP) grew at an annual rate of 4.2 percent in the second quarter, lifted by stronger growth of exports and private investment, according to revised data released by the Commerce Department Thursday. The latest data was higher than the department's initial estimate of 4 percent and beat analysts' expectations.

Moreover, the number of Americans who initially applied for jobless benefits in the week ending Aug. 23 decreased 1,000 to a seasonally adjusted 298,000, said the U.S. Labor Department.

U.S. pending home sales index rebounded in July, rising 3.3 percent to 105.9, said the National Association of Realtors.

Traders kept a close eye on the crises in Ukraine and Middle East.

Ukrainian President Petro Poroshenko on Thursday accused Russia of moving its troops into Ukraine, but Russia had denied the charges. France and Germany threatened Russia with further sanctions.

Light, sweet crude for October delivery moved up 67 cents to settle at 94.55 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery lost 26 cents to close at 102.46 dollars a barrel.