Crude prices rally on upbeat economic data

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