Oil spikes to $53.57

Global oil prices continued with its upsurge on Thursday. The Nymex U.S. light crude oil for April series came off its early high of $55.20 a barrel to close 52 cents higher at $53.57 per barrel. The London Brent crude jumped 73 cents to settle at $51.95 per barrel.

In the metal category, the COMEX gold, however, dropped $3 to settle at $430.80 an ounce.