Lagos — Oil prices rose sharply above $53 on Thursday, a day to the begging of Easter holiday, after it had lost more than $4 in three days of shortfall.

The recent indications that energy use in the United States (US), world biggest consumer of oil, was way down, could not even stop the price from gaining over $2 above the previous trading on Wednersday.

Benchmark crude for May delivery rose nearly 5 percent, or $2.40 to $51.78 a barrel in light trading on the New York Mercantile Exchange. Trading was very light on a shortened trading week. Nymex is closed Friday for a holiday.

In London , Brent prices rose $1.85 to $53.44 a barrel on the ICE Futures exchange.

"A lot of little things are giving investors hope that maybe the economy has seen the worst," said Andrew Lebow, senior vice president and broker at MF Global.

So far this week, home decor chain Bed Bath & Beyond Inc. and restaurant Ruby Tuesday Inc. have reported better-than-expected first quarter results. Teen retailer Hot Topic Inc. said sales at stores open at least a year rose more than analysts' forecasts.

On Thursday, Wal-Mart Stores Inc. said sales at stores open at least a year, excluding fuel, rose 1.4 percent, short of the 3.2 percent rise analysts were predicting. However, the world's largest retailer said a later Easter was to blame and that April sales are likely to be boosted by the holiday.

While unemployment levels last week set a record for the 11th straight week, the government said new jobless claims fell more than expected. The Labor Department's tally of initial jobless claims fell to a seasonally adjusted 654,000, down from a revised 674,000 the previous week. Analysts expected claims to drop only to 660,000.

Also, Wells Fargo & Co. said Thursday it expects record first-quarter earnings of $3 billion, easily surpassing analysts' estimates and providing an encouraging sign for corporate profits.

Still, some traders are skeptical that the world's largest economy has turned the corner toward recovery.

"I still have to see more to convince me that the economy is turning around," said Clarence Chu, a trader at market maker Hudson Capital Energy in Singapore . "I see oil trading between $45 and $50 for a while."

The US Commerce Department said Thursday that imports in February dropped for the seventh straight month as American held onto their cash. Combined with a slight rebound in exports, the U.S. trade deficit plunged to the lowest level in more than nine years.

The US government also reported that natural gas storage levels in the U.S. rose more than expected last week. Natural gas is a key energy source for many power plants and factories. Rising storage levels suggest that people are using less energy, and companies are making fewer products.

The Energy Department's Energy Information Administration said in its weekly report that natural gas inventories held in underground storage in the lower 48 states rose by 20 billion cubic feet to about 1.67 trillion cubic feet for the week ended April 3.

Analysts had expected a boost of between 11 billion to 16 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

At the pump, gas prices increased overnight to a new national average of $2.051 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Gas prices were 11 cents a gallon cheaper a month ago, but $1.292 more expensive a year ago.

This is the season when refineries shut down for repairs and also switch over to summer blends. That, along with more people hitting the road, usually means higher gasoline prices.

In other Nymex trading, gasoline for May delivery rose 5 cents to $1.4886 a gallon and heating oil gained 3.6 cents to fetch $1.434 a gallon. Natural gas for May delivery dropped 1.8 cents to $3.612 per 1,000 cubic feet.