Crude oil resumed its rally and closed above 54 U.S. dollars for the first time this year on Thursday as U.S. stocks surged on upbeat economic data and earnings reports, Xinhua reported.
Light, sweet crude for May delivery rose 1.58 dollars to settle at 54.34 dollars a barrel after topping 54.66 dollars on the New York Mercantile Exchange, which refreshed highest intraday and closing prices in 2009.
The U.S. Commerce Department reported on Thursday that the nation's gross domestic product shrank at a 6.3 percent pace in the fourth quarter last year. It was a bigger drop than the government previously estimated but still slightly better than analysts had predicted.
Earnings reports also boosted the market. Best Buy, the world's largest consumer electronics retailer, said Thursday that its results beat analysts' estimates.
In London, Brent crude for May delivery rose 1.71 dollars to settle at 53.46 dollars a barrel on the ICE Futures Exchange.