Crude prices top 75 U.S. dollars on positive economic data

Crude prices topped 75 U.S. dollars a barrel on Thursday as the euro rebounded against the dollar while positive economic data boosted sentiment.

The strong economic reports from Asia and Australia helped the euro gain against the dollar. The euro rose above 1.21 dollars in New York markets.

On Thursday, the U.S. Labor Department said jobless claims fell to 456,000 last week. Total claims fell by the largest amount in nearly a year.

China's exports and imports rose more than 48 percent each in May, reassuring investors that the country's economy was not being slowed significantly by Europe's debt problems.

The International Energy Agency on Thursday raised its forecasts for global oil demand this year, citing stronger than expected economic activity in developed economies. The report boosted its estimate by 60,000 barrels to 86.4 million barrels a day. That's a 2 percent increase from 2009.

Light, sweet crude for July delivery rose 1.10 dollars to settle at 75.48 dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude gained 1.02 dollars to settle at 75.29 dollars a barrel on the ICE futures exchange. E

Source:Xinhua