U. S. crude oil futures rallied for a third straight day and ended above $72 a barrel on Thursday, as the dollar dropped and economic recovery hopes rose on reassuring jobless benefit claims and retail sales data. Nat Gas futures also witnessed a sharp rise of over 5% on MCX and NYMEX respectively.

Paris-based IEA said 2009 oil demand will contract less than previously expected, easing worries about low consumption. The IEA's forecast follows a revised estimate earlier this week from the U. S. government's Energy Information Administration, which raised its oil demand forecast.

The National Weather Service eight- to 14-day outlook on Wednesday called for normal or below normal temperatures for most of the nation, with above seasonal readings expected in parts of the Mid-Atlantic and South from Texas to Florida.

Crude oil prices are likely to trade up during the day and a dip of percent shall be used as buying opportunity. Strong Chinese import data is positive for crude and weaker dollar is also supporting the prices. Natural Gas rallied after bullish inventory report and scaled up by 6%. The trend remains up for the day.