Friday, 28 August 2015

US Oil Jumps More Than 10% To USD 42.56 A Barrel

US oil prices surged more than 10 percent on Friday, climbing back above USD 40 a barrel after strong American economic growth data lifted confidence about the world's biggest economy and petroleum user.
US benchmark West Texas Intermediate for delivery in October jumped USD 3.96 to USD 42.56 a barrel, up 10.3 percent from yesterday's close. 

US prices have been at or near six-and-a-half year lows all week, with WTI closing below USD 40 on Monday for the first time since 2009 and staying there through yesterday. 

The rally came after the Commerce Department reported the US economy expanded at an annual rate of 3.7 percent in the second quarter, much above the initial appraisal of a 2.3 percent gain.

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