Crude prices continue rally on upbeat economic data

• Source: xinhua
• [09:45 May 08 2009]
• Comments

The US Labor Department reported on Thursday that the number of US workers filing new claims for jobless aid unexpectedly fell by 34,000 last week, the lowest level in 14 weeks. The number of unemployed workers getting benefits climbed to a new record.

US retailers, including Wal-Mart Stores Inc., reported better-than-expected April sales on Thursday.

Crude prices have risen more than 10 percent in two weeks as investors believe world oil consumption would rebound as the global economic crisis is easing.

Light, sweet crude for June delivery rose 37 cents a barrel to settle at 56.71 US dollars on the New York Mercantile Exchange after reaching a six-month high of 58.57 dollars.

In London, Brent prices rose 32 cents to settle at 56.47 dollars a barrel on the ICE Futures exchange.