Oil soars to $54.28/bbl

Crude oil prices flared up on Thursday, with the Nymex U.S. light crude oil for July delivery climbing $1.74 to settle at $54.28 per barrel. The London Brent crude rose $1.75 to close at $53.82 a barrel.

The commodity segment saw the Comex gold dip 50 cents to $426.10 an ounce.