“Oil rose for a second day on Thursday, following two upbeat economic reports and signs that petroleum supplies were shrinking. Retail gasoline prices slid again, bringing more relief to drivers heading out on summer road trips.
The Labor Department said initial jobless claims fell last week to the lowest level since early May. The news came as hundreds of thousands of Americans lose unemployment benefits because Congress has yet to pass an extension of benefits.”
Oil prices rise above $75 on upbeat economic news
Bloomberg (Reported 7/08/2010)
”Crude oil rose to a one-week high as U.S. inventories tumbled after Hurricane Alex disrupted output and deliveries in the Gulf of Mexico. Jobless claims also fell.
Inventories dropped 4.96 million barrels to 358.2 million, the biggest decline since September, the Energy Department said. Stockpiles were forecast to decrease by 2 million barrels.” Crude Oil Rises as U.S. Stockpiles Tumble, Jobless Claims Drop
Market Watch (Reported 7/08/2010)
"Crude-oil futures rose nearly 2% Thursday as positive sentiment about the global recovery dominated and an inventories report included a surprisingly large decrease in crude stockpiles.
Crude for August delivery gained $1.37 to settle at $75.44 a barrel. It was oil's first rise above $75 a barrel in a week. Natural gas futures, however, declined 3.7% as a separate report showed a larger-than-expected increase in natural gas stockpiles.”
Crude oil ends 1.9% higher, natural gas tanks 3.6%
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