NEW YORK — Oil prices topped $75 a barrel Thursday after reports that China’s economy is still booming and U.S. jobless claims fell.
Motorists found pump prices lower again, as retail gasoline prices continued to slide across much of the country.
Benchmark crude for July delivery rose $1.10 to settle at $75.48 a barrel on the New York Mercantile Exchange.
China reported exports and imports rose more than 48 percent each in May, reassuring investors that the country’s economy was not being slowed significantly by Europe’s debt problems.
The Labor Department said jobless claims fell to 456,000 last week. Total claims fell by the largest amount in nearly a year.
Stock markets surged on the bullish economic news. The Dow Jones industrial average rose more than 273 points, or 2.8 percent. The Nasdaq was up about as much, and the S&P 500 finished 3 percent higher. Energy stocks rebounded, including BP, which closed up more than 12 percent after falling 16 percent Wednesday.
The International Energy Agency on Thursday raised its forecasts for global oil demand this year, citing stronger-than- expected economic activity in developed economies. The IEA, based in Paris, boosted its estimate by 60,000 barrels to 86.4 million barrels a day. That’s a 2 percent increase from 2009.
The glowing trade news from China, as well as strong economic reports from Japan and Australia, helped the euro gain against the dollar. Commodities such as oil are priced in dollars, so holders of foreign currencies find them less appealing with a stronger dollar.
