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NEW YORK - World oil prices rose slightly on Thursday, helped by fresh US sanctions on Iran and a dip in claims for US unemployment benefits.
New York's main contract, light sweet crude for August, rose 27 cents to $86.08 a barrel.
The United States unleashed a fresh wave of sanctions against Iran Thursday, ratcheting up pressure to convince Tehran to take seriously concerns about its suspected nuclear weapons program.
The actions impose additional sanctions on Iran's nuclear and ballistic missile proliferation networks and identify Iranian "front" companies and banks to assist in compliance, the Treasury Department said.
"The Treasury and State Department actions target more than 50 entities tied to Iran's procurement, petroleum, and shipping networks," the Treasury said.
Earlier in the day the Labor Department reported 350,000 initial jobless claims were filed in the holiday-shortened week ending July 7. That was a decrease of 26,000 from the prior week's upwardly revised number of 376,000.
Fewer claims for unemployment could indicate stronger demand in the future.
Brent North Sea crude for delivery in August rose 84 cents to $101.07 a barrel.
Earlier in the session traders were on the back foot after minutes from the most recent US Federal Reserve meeting in June, released Wednesday, suggested that officials were split on further stimulus measures to aid the American economy.
"With the FOMC minutes offering a more cautious outlook on the economic environment and a distinct lack of guidance on further, aggressive policy action, crude oil prices are coming under pressure today," said Sucden analyst Jack Pollard.
Crude futures were also weighed down by demand concerns linked to the weak state of the global economy, dealers said.
Analysts remain divided about the long-term prospects for the oil market after major industry groups differed in their demand growth forecasts for the coming year.
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