Lower European interest rates fuel hopes for global economy Crude-oil futures rose more than 2% to trade near $58 on Thursday, as central banks in Europe took more measures to boost liquidity, while upbeat U.S. jobs data and optimism over the health of big banks fueled hopes of a global economic recovery. Earlier, crude oil received a boost from news that the European Central Bank (ECB) cut interest rates while the Bank of England (BOE) said it would buy more bonds, boosting optimism that central banks around the world are flooding the global economy with liquidity. In recent action, crude oil for June delivery was up $1.36, or 2.4%, at $57.70 a barrel. On Wednesday, crude-oil futures jumped more than 4% after a report showed U.S. stock piles rose less than expected in the week ended May 1, while gasoline inventories fell. Crude oil has recently benefited from hopes that a global economic recovery will boost demand. Ahead of the key April employment report on Friday, the Labor Department said initial claims for unemployment benefits fell 34,000 to 601,000, their lowest level since January. See full story. Earlier, the government also reported that productivity rose in the first quarter as U.S. firms slashed their workforces, outpacing the drop in output. Also helping lift sentiment, retailers reported better-than-expected April same-store sales on Thursday. See full story. And also easing concerns about the financial system, big banks undergoing so-called "stress tests" will have 30 days to develop plans for how they will raise any new required capital, the Federal Reserve and other bank regulators said late Wednesday. See full story. The official results of the tests are expected to be released Thursday.

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