Date: Friday 09 Jul 2010
Oil leapt nearly 2% Thursday on renewed optimism about the economic recovery and a bigger than expected drop in US crude supplies.US light crude for August delivery jumped $1.37 to $75.44 a barrel, topping the $75 level for the first time in a week.
The Dow Jones continued its rally after first time jobless claims fell to 454,000 last week from 472,000 the week before, better than the 460,000 analysts had been expecting.
Investors also responded well to the International Monetary Fund’s (IMF) decision to raise forecasts for global growth in 2010 to 4.5% from 4.1% and hike US growth estimates to 3.3%.
Then the Energy Information Administration said American oil stockpiles dropped by 5m barrels last week, more than anticipated.
On the metal markets, gold eased slightly, dropping $2.80 to $1,196.10 an ounce as traders went looking for riskier plays.
Gold had seen a bit of buying interest recently on concerns about the euro, but the single currency looked alright Thursday, hitting a two-month high against the dollar.
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