Crude oil futures gained on Thursday after declining by 5 percent on Wednesday’s session. The crude oil futures contract for July delivery surged 0.2 percent of $0.14 to $94.95 per barrel on New York Mercantile Exchange.

Many analysts believe that crude oil has found support at these levels. In the news Greece’s debt situation and reduced manufacturing numbers by Philadelphia’s Federal Reserve also created lots of negativity among traders.

According to Federal Reserve of Philadelphia the manufacturing index dropped to -7.7 in the month of June as compared to 3.9 in May.

Managing director Jonathan Barratt from Commodity Broking Services in Sydney commented, “It’s all about confidence in the market and the economy. Wednesday was negative for confidence, and as a result oil fell down quite aggressively.”

The stronger greenback helped crude oil futures to appreciate. The dollar index DXY which measures the US dollar’s performance against its major six rival currencies also gained 75.725 on Thursday as compared to 75.630 on Wednesday’s North American trading session.

Among other commodities natural gas futures contract for July delivery declined 3.6 percent or $0.16 to $4.41 per million British thermal units. Gasoline futures contract for July delivery gained 0.9 percent or $0.03 to $2.94 per gallon while heating oil futures contract for July delivery jumped 0.6 percent or $0.02 to $3 per gallon.