Oil prices rose more than 3.5 percent on Thursday, fueled by a rally on Wall Street and data showing that the number of workers filing new claims for unemployment benefits fell last week.
U.S. crude rose $1.75 to $51.13 a barrel by 1:10 p.m. EDT while London Brent rose $1.38 to $52.97.
Every time the equity markets move up, the energy complex tags along, said Gene Mcgillian, analyst at TFS Energy in Stamford, Connecticut. For the energy complex, we will have to see if equities continue to advance next week. That will likely show whether the energy complex is able to hold on to gains made above $50.
U.S. stock markets jumped between 2.5 percent and 3 percent on Thursday after solid earnings from Wells Fargo
Markets were also bolstered by U.S. data showing fewer workers than expected filing for jobless aid last week.
Oil has tracked equities markets this year as investors sought signs that economic recovery would boost energy demand.
Oil prices also climbed on Wednesday on weekly Energy Information Administration data showing a smaller-than-expected build in U.S. crude inventories and a big slump in distillate stocks.
Adding some support, a pipeline blast in Turkmenistan on Thursday fully halted Turkmen gas exports to Russia.
The accident won't have an impact on gas supplies to Gazprom's customers, Russian gas export monopoly Gazprom
(Reporting by Gene Ramos, Robert Gibbons and Richard Valdmanis in New York and Joe Brock in London; Editing by David Gregorio)