Commodity Corner: Oil Rallies on Market Rebound

Soaring to its highest all week, NYMEX crude rallied Thursday as U.S. equities opened higher and the Labor Department reported positive job data.

Front-month crude oil futures gained 3.4 percent, or $2.83, to settle at $85.72 a barrel. Likewise, Brent crude also advanced, settling up $1.34 at $108.02 a barrel.

Following the worst plunge in almost a year, U.S. stocks opened higher Thursday. The S&P 500 advanced 4.6 percent, while the Dow Jones Industrial Average increased by 3.9 percent in New York.

According to the U.S. Labor Department, the number of initial unemployment claims fell by 7,000 to a seasonally adjusted 395,000, marking a four-month low.

The intraday range for WTI was $81.03 to $85.97 and $104.51 to $108.19 for its European counterpart.

Natural gas for September delivery traded up 10 cents to $4.11 per thousand cubic feet. The September contract price for natural gas fluctuated between $3.94 and $4.14 Thursday.

The Energy Information Administration said stockpiles grew by 25 billion cubic feet in the week ended Aug. 5.

Two of three low-pressure systems in the Atlantic have a 40 percent chance of forming into a tropical cyclone, reported the U.S. National Hurricane Center.

Reformulated gasoline blendstock held on to yesterday's gains settling up 4.48 cents at $2.83 a gallon. Prices peaked at $2.839 and bottomed out at $2.745 Thursday.