NEW YORK (CNNMoney.com) -- Oil prices eked out gains Thursday, as the risk of an overheated Chinese economy and higher continuing jobless claims stifled traders.
What prices are doing: Crude for April delivery rose 2 cents to settle at $82.11 a barrel.
What's moving the market: Traders kept an eye on Chinese demand and the U.S. government's weekly employment report.
The Labor Department reported that continuing jobless claims rose, triggering concerns over a jobless economic recovery. Oil prices fell to an intraday low of $81.33.
"A higher continuing claims number shows the unemployment issue is still going to be a problem," said Tom Pawlicki, a commodities market analyst for MF Global research.
The same weekly report did show a slight improvement in initial jobless claims, which fell 6,000 from the previous week.
Worries over the risk of an overheated Chinese economy also kept prices at bay. According to Pawlicki, signs of higher inflation and stronger industrial production there may increase the risk that the nation's central bank will tighten monetary policy.
The move is expected to fuel volatility in oil prices in the near-term, since stricter controls threaten to slow energy demand in one of the world's biggest economies.
What analysts are saying: Many analysts expect prices to teeter between $83 and $85 a barrel, but signs of strong U.S. and global demand could send prices higher still.
"China is buying [oil] at break-neck pace," said Mark Waggoner, president of Excel Futures, a commodities brokerage. He forecasts oil will hit $110 a barrel by year-end.
Looking ahead: OPEC will hold its semi-annual conference in Vienna on March 17, but oil quotas are expected to remain unchanged.
Waggoner forecasts a slight dip in prices early next week, as traders await May contracts and cash in their positions. But he expects the current rally to continue after the contracts roll over. 
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