Crude oil jumped back above US$52 a barrel on Thursday supported by a strong rally in the stock market and a weakening dollar.
Light, sweet crude for May delivery gained US$4.25, or nearly 9 percent, to settle at US$54.64 a barrel on the NYMEX.
Oil prices have been closely following the fluctuation of the equities. Wall Street rallied on Thursday with all major indexes rising more than 2 percent as the US Financial Accounting Standard Board relaxed mark-to-market rules and the G20 leaders agreed in London to boost global economic recovery.
Investors largely shrugged off negative reports that both unemployment data and natural gas inventories rose to a record high. The US Labor Department said unemployment levels are the highest in more than 26 years and the US Energy Department's Energy Information Administration reported that natural gas inventories held in underground storage in the lower 48 states are 32.1 percent higher than a year ago and 22.4 percent above the five-year average.
In London, Brent crude for May delivery rose US$4.31 to settle at US$52.75 a barrel on the ICE Futures Exchange.
(Xinhua News Agency April 3, 2009)
