NEW YORK ( TheStreet) -- The price of crude oil settled above $76 in trading on Friday, notching its biggest weekly gain since May, and one of its best trading weeks of 2010. Crude rallied for a weekly gain of 5.5%, with the gains coming in the second half of the week. Big economic data points on Thursday kept a crude rally that started on Wednesday going, with a decline in initial jobless claims, and a key government crude oil inventory report showing a larger-than-anticipated decline in crude stockpiles. On Wednesday, oil had finally broken a six session losing streak. Crude for August delivery pushed as high as $76.48 in trading on Friday. The Thursday intraday high for crude was $75.90. Brent crude was recently trading at $75.39, after ending the day on Thursday trading up $1.50 to $75.01 a barrel. The trading in oil this week has matched the larger market resurgence. The S&P 500, Dow Jones Industrial Average and Nasdaq were up again on Friday and amassed weekly gains above 5%. On Thursday, the closely watched U.S. Department of Energy crude inventory report showed an increase in gasoline and distillate stockpiles, which helped to push the price of heating oil higher also.