Oil prices hit $66 and went above that, a six-month high. This is basically because of the falling US reserve stocks and some signals on the economic shirinkage of the US slowing down.

US light crude for July delivery climbed $1.16 to $66.24 a barrel, and fell and to settle at $65.77. Meanwhile, the Commerce Department report on first quarter GDP showed a 5.7% contraction - revised down from an initial 6.1% fall, which means that the shrinkage of the economy is slowing down. In other words, some signs of recovery being there.

On the supply side, the Energy Information Administration said US oil supplies had dropped for the third week in a row.

Also on Thursday, Opec oil ministers decided to keep output unchanged, amid optimism that prices are set to rise. The Saudi oil minister predicted prices will reach $75 this year.