Crude oil futures rallied on Thursday in reaction to reduction in US jobless claims. As per latest data of the US Labor Department, initial jobless claims fell 9,000 to 397,000 for the week ending October 29^th, 2011.

Moreover, Greece decided to cancel the referendum for its bailout package while European Central Bank announced reduction in interest rate which boosted the investors’ confidence. European Central Bank decided to reduce its interest rate by 25 basis points to 1.25 percent and announced to keep the interest rate unchanged till the end of the year.

Crude oil futures contract for December delivery gained 1.7 percent or $1.56 to settle at $94.07 per barrel on the New York Mercantile Exchange.

Gasoline for December delivery slightly gained to $2.64 per gallon while heating oil futures contract for the same month delivery advanced $0.04 to settle at $3.04 per gallon at New York Mercantile Exchange on Thursday.

Natural gas futures contract for December delivery gained 0.8 percent or $0.03 to $3.78 per million British thermal units. EIA reported the increase of 78 billion cubic feet in the natural gas stock piles of the week ending October 28^th while analysts expected the increase of 69 billion cubic feet to 73 billion cubic feet for the respective quarter.