Crude prices rally on upbeat economic data

07:41, April 30, 2010      

Email | Print | Subscribe | Comments | Forum 

Oil prices rallied on Thursday on upbeat U.S. economic data and the hope that Greece is close to a bailout deal.

The U.S. Labor Department said initial claims for unemployment benefits dropped 11,000 to a seasonally adjusted 448,000 in the week ended April 24.

Crude prices were also boosted by the Federal Reserve's Wednesday decision to keep interest rates at record lows for an extended period of time.

The euro rebounded against the U.S. dollar for a second straight day from a one-year low in the prior session on the Greek bailout plan.

Light, sweet crude for June delivery was up 1.95 U.S. dollars, or 2.3 percent, at 85.17 dollars a barrel.

In London, the ICE Brent June crude rose 74 cents to 86.90 dollars a barrel.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion