08/15/2013 09:11 EDT | Updated 10/15/2013 05:12 EDT

Loonie moves up as commodities get a bump from US economy, Egypt protests

TORONTO - The Canadian dollar trekked upward Thursday as commodities prices moved higher.

The loonie rose 0.23 of a cent to 97.05 cents US.

The price of oil hit a two-week high with the September crude contract settling up 48 cents at US$107.33 a barrel as supply concerns returned following renewed unrest in Egypt.

December bullion rose $27.50 to end at US$1,360.90 an ounce as investors fled to the safe-haven commodity on the belief that the U.S. Federal Reserve could move to reduce its $85-billion-a-month monetary stimulus in September, a move that is expected to lead to a rise in the cost of borrowing.

September copper fell 2.5 cents to US$3.34 a pound.

Earlier in the session the dollar had weakened following the release of improved weekly jobless claims numbers from the United States

The U.S. Labor Department said the number of people seeking unemployment benefits dropped 15,000 last week to a seasonally adjusted 320,000, the lowest since October 2007 — a sign of dwindling layoffs and steady, if modest, job growth.

The less volatile four-week average fell 4,000 to 332,000, the fewest since November 2007 and the fifth straight decline.