Oil prices were higher today, trading up after the ECB opted to cut interest rates. The move spurred hopes that the Fed will follow in their footsteps. This is kind of a good news/bad news situation. “Today the ECB rate cuts are helping, and casting a view that the Fed will finally follow suit here in the U.S. as well which is supportive, but both central banks are cutting in the face of a slowing economy which is not necessarily supportive of oil demand,” said John Kilduff, partner at Again Capital. The number of Americans filing new claims for unemployment benefits rose last week, and first-quarter unit labor costs rose by less than previously thought, the Labor Department said. Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday that OPEC+ can pause or reverse production increases if it decides the market is not strong enough. WTI traded up $1.48 or 2% to close at $75.55. Brent traded up $1.46 or 1.86% to close at $79.87.