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Crude oil surged above $71 per barrel on Wednesday as an encouraging employment report boosted demand hopes. A weaker U.S. dollar also boosted the hedge appeal of commodities.
Light sweet crude oil for November delivery rose to $71.69, up $2.12. Prices had hit as high as $72.55.
The Labor Department reported jobless claims fell to 521,000 from the previous week's revised figure of 554,000. Economists had expected claims to fall to 540,000 from the 551,000 originally reported for the previous week.
The dollar fell to a two-week low against the euro and also slipped against the pound as higher global stocks added to risk appeal.
Oil's gain followed a pattern of other commodities, most notably gold, which closed at a record above $1,050 per ounce. Crude had bucked the trend in recent days on some concerns over demand.
Oil had dropped $1.31 yesterday after data showed gasoline inventories increased by 2.9 million barrels last week, compared to a build of 1.3 million barrels projected by experts.
The report also showed crude oil inventories decreased by 1 million barrels in the week ended October 2. Experts were predicting an increase of 1.9 billion barrels.
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