Oil rose for the fourth day in a row on Thursday, closing at the highest level in 18 months, after upbeat U.S. economic data signaled better oil demand ahead, prompting fund buying as the new quarter began.
A dip in the dollar against the euro and a basket of currencies also sparked buying, traders said.
Ahead of the long holiday weekend and with the key March U.S. jobs report due on Friday, traders also covered short positions, helping push the market higher for the fourth consecutive session, analysts said.
"This looks like a short-covering rally ... traders don't want to go home with a lot of shorts, knowing the important jobs data will be released on Friday, when the energy markets are closed," said Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago. (more)
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