by Calculated Risk on 3/09/2016 07:27:00 PM

Brent oil prices closed above $40 today according to Bloomberg. WTI futures closed at $38.21.

From Reuters: U.S. crude hits three-month high on gasoline drawdown, OPEC speculation

Oil prices rose as much as 5 percent on Wednesday, with U.S. crude hitting three-month highs after a big gasoline inventory drawdown amid improving demand overshadowed growing record high crude stockpiles.

Speculation that top producers might agree soon to an output freeze also supported crude oil.

Thursday:
• At 8:30 AM ET, the initial weekly unemployment claims report will be released.  The consensus is for 275 thousand initial claims, down from 278 thousand the previous week.

• At 10:00 AM, the Q4 Quarterly Services Report from the Census Bureau.

• At 12:00 PM, Q4 Flow of Funds Accounts of the United States from the Federal Reserve.

• At 2:00 PM, The Monthly Treasury Budget Statement for February.