World Business

Crude prices rally on upbeat economic data

(Xinhua)
Updated: 2010-04-30 09:56
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NEW YORK: Oil prices rallied on Thursday on upbeat US economic data and the hope that Greece is close to a bailout deal.

The US 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.

Related readings:
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Crude prices rally on upbeat economic data Oil retreats as Greece concern boosts dollar
Crude prices rally on upbeat economic data Crude prices fall on Europe's debt woes

The euro rebounded against the US 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, or 2.3 percent, at $85.17 a barrel.

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