Crude prices rose nearly 2% Thursday as positive sentiment about the global recovery dominated the market and an inventories report included a surprisingly large decrease in crude stockpiles. Crude oil gained $1.37 to settle at $75.44 a barrel. It was oil's first rise above $75 a barrel in a week as markets were responding to an overall positive mood across most assets on Thursday.
The optimism stemmed from a positive read on the job market and a boost for global growth expectations from the International Monetary Fund, as well as comments from the European Central Bank soothing fears about bank stress tests.
Nevertheless, while the general trend for crude is bullish, the unleaded gas markets numbers continues to show lackluster demand and might put pressure on the entire energy complex in the days to come.