WTI gains $4.25 on session

Crude oil prices were significantly higher Thursday as equities markets made substantial gains, the US dollar weakened, and a new report from the Commerce Department said that US factory orders were up 1.8 percent in February.

May contracts for West Texas Intermediate crude added $4.25 to $52.64 per barrel on the New York Mercantile Exchange, while Brent crude gained $3.94 to $52.39 per barrel on the ICE Futures Europe exchange in London.

Prices were up despite other data which suggested that the economy could still be in trouble for some time to come.

For example, the Labor Department reported that last-week’s first time unemployment claims jumped by 12, 000 to 669,000, pushing the unemployment rate to its highest level in over 26 years.

Additionally, the Energy Information Administration said that natural gas stockpiles in the US held steady last week, at 32.1 percent higher than last year at this time and over 22 percent of the five year average for inventories.

In afternoon trade, Nymex May gasoline futures were up 10 cents to $1.47 per gallon while May heating oil added 9 cents to $1.44 per gallon.

On the other hand, the retail price for gasoline in the United States dropped 0.2 cent overnight to $2.045 per gallon, still nearly $1.25 less than it was last year at this time.