Show Entire Article
U.S. oil futures topped $91 a barrel for the first time in two weeks, surging over 4 percent to post the biggest one-day surge for oil prices since June 29. The September WTI crude contract closed the NYMEX floor trading session up $4.27 at $91.40 a barrel.
Meanwhile, September Brent crude pricesrallied to near $109, the highest price since May 22.
Mirroring strong gains in the stock market and Euro , traders say oil prices rose on better-than-expected U.S. non-farm payrolls data, a re-evaluation of Draghi's comments, and deepening concerns about escalating violence in Syria.
Oil prices spiked as traders initially focused on the headline figure — a 163,000 increase in jobs — in the latest U.S. non-farm payrolls report , a positive sign for the U.S. economic recovery. "The number was above consensus and that's seen as bullish," says M3 Capital founder John Netto. "The markets have also digested (ECB President Mario) Draghi'scomments over the last 24 hours."
Some market participants are now encouraged by Draghi's comments on Thursday. Parsing his statement, they "have apparently decided the plan for direct purchases of Italian and Spanish debt provides a foundation for an eventual way out of the debt maze," says Addison Armstrong, senior director of market research at Tradition Energy.
Page 1 of 2 | Next PageShow Entire Article
EUR=X News & Analysis
No recent news available
DATA IS REAL-TIME EXCEPT NOTED WITH *
* DATA DELAYED AT LEAST 15 MINUTES