Oil climbs on higher US fuel consumption

Crude oil prices gained about 3% on Thursday on the back of positive US economic data as well as robust US fuel consumption obviously counterbalances concerns that slowing economic growth in other countries could cut demand.

Brent futures rose $2.94, or 3.1%, to settle at $96.59 per barrel, while WTI crude rose $2.27, or 2.58%, to settle at $90.38. Prices rose more than 1% during the previous trading session, although Brent at one point fell to its lowest since February, as signs of a slowdown mounted in some places.

Oil prices rallied after another round of impressive US economic data boosted optimism for an improving crude demand outlook as OPEC will not allow the recent pullback in oil prices to continue much further.