Biggest 1-Day Gain in Oil

Biggest 1-Day Gain in Oil

Oil soared more than 10 percent on Thursday, its biggest one-day gain since March 2009, lifted by resurgent global stock markets and a report showing the US economy grew faster than previously reported in the second quarter.
US oil rose $3.96, or 10.3%, to $42.56 in New York. That is the biggest gain since March 12, 2009, when oil gained 11%. Brent crude rose 10.3% to $47.56 a barrel in London, AP reported.
Oil had fallen to a six-and-a-half-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, but do not expect 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.
US consumers can still expect to see sharply lower gasoline prices in the fall.
Kloza said OPIS sees pump prices falling 12 cents to 17 cents a month from September through December. The average price for a gallon of regular gasoline Thursday was $2.53, down 90 cents from a year ago, according to OPIS and AAA.


Short URL : https://goo.gl/VRRVSy
  1. https://goo.gl/xWLXLZ
  • https://goo.gl/tOdvfW
  • https://goo.gl/Wkwljt
  • https://goo.gl/k5imZG
  • https://goo.gl/JXzxry

You can also read ...

China Rejects US Sanctions, Vows to Continue Iran Crude Purchase
As the US and Iran continue to trade barbs over the...
India Vying for US Waiver
India, the second biggest crude customer of Iran, may cut its...
Venezuela Braces for Pricey Gasoline
Gasoline prices in Venezuela will soon catch up with world...
Zanganeh to Attend OPEC, Non-OPEC Committee Meeting
Iran's Oil Minister Bijan Namdar Zanganeh will attend a...
S. Korea Iran Crude Imports Up 15%
South Korea’s imports of Iranian crude rose around 15% in July...
Indonesia Cuts Oil Imports
Indonesia’s PT Pertamina will get an extra 225,000 barrels per...
UK's Quercus Halts Iran Renewable Project
British renewable energy investor Quercus said it will halt...
NPC Not Worried About Exports
The National Petrochemical Company is not concerned about...