Oil prices rose on Thursday morning after data showed that US crude inventories dropped and refinery demand was high, although the outlook remains for cheap oil as oversupply persists.
US crude inventories fell 4.3 million barrels
US stock index futures fell on Wednesday as Europe's debt crisis continued to worry investors and closely watched Italian bond yields rose again.
S&P 500 futures fell 12.1 points and were below fair value, a formula that evaluates pric
Oil jumped to a one-week high above $75 on Thursday after an industry report showed US inventories plunged last week, adding to price gains triggered by soaring equity markets amid earnings optimism.
US crude for August rose as much as $1.
Oil advanced for a second day on Thursday to near $74 as robust US economic indicators re-injected some confidence into financial markets and signaled oil inventories at the world's top consumer may shrink.
Surprisingly strong US housing d
Regulators still have not been able to pinpoint the cause of the market's recent plunge, but charged ahead with new rules to restrict trading when markets are in free-fall.
Nearly two weeks after the Dow Jones industrial average dropped so
Oil edged above $68 a barrel on Wednesday, reversing part of the previous day's slide of 3 per cent, after industry data showed a sharp fall in US crude stocks, boosting hopes of a demand rebound in the world's top energy user.