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Crude oil surged higher on Thursday as traders bet a recent plunge was overdone. The one-day gain was the largest since April.
Light sweet crude for September delivery rallied to $66.92 per barrel, up $3.57 on the session. Prices touched as high as $67.29, approaching the week's high crossing of $68.99.
With the climb, crude recovered most of its drop from Wednesday after Energy Information Administration data revealed a sharp rise in weekly supplies. U.S. commercial crude oil inventories increased by 5.1 million barrels during the week ended July 24.
In economic news Thursday, a Labor Department report showed that jobless claims rose to 584,000 from the previous week's revised figure of 559,000. Economists had expected jobless claims to rise to 575,000 from the 554,000 originally reported for the previous week.
Traders awaited the release of the gross domestic product data for the second quarter, which will be revealed at 8:30 a.m. ET. A drop of 1.5% is forecast, compared to a drop of 5.5% in the first quarter.
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