Oil Jumps 10 Percent for Biggest One-Day Gain Since 2009
Source: ASSOCIATED PRESS
NEW YORK — Aug 27, 2015, 4:18 PM ET
By The Associated Press
Oil soared more than 10 percent Thursday, its biggest one-day gain since March 2009, lifted by resurgent global stock markets and a report showing the U.S. economy grew faster than previously reported in the second quarter.
U.S. oil rose $3.96, or 10.3 percent, to $42.56 in New York. That is the biggest gain since March 12, 2009, when oil gained 11 percent. Brent crude rose 10.3 percent to $47.56 a barrel in London.
Oil had fallen to a 6 ½ year low because of a global supply glut and worries about the health of China's economy. Analysts viewed Thursday's gain as a reaction to the rebound in China's main stock index, which rose the most in eight weeks, and don't see anything pointing to a long-term rally in oil prices.
"One up day in a sea of consistent summer selling does not make for an imminent recovery in crude oil, or in gasoline," said Tom Kloza, global head of energy analysis at Oil Price Information Service.
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