NEW YORK – Oil soared to its biggest one-day gain since 2008, 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 (all figures U.S.), or 10.3 per cent, to $42.56 in New York. The last time it posted a similar gain was a 10.3 per cent jump on Dec. 11, 2008. Brent crude rose more than 9 per cent in London.
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Oil has been trading near a 6 1/2 year low because of worries about the health of China’s economy, concerns that had punished other commodities as well as global stock markets.
Thursday, China’s main stock index rose the most in eight weeks, and U.S. stocks recorded a second day of strong gains following a six-day losing streak.
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