1. Most Discussed
  2. Gainers & Losers

News: Crude oil jumps 4% as volatility remains high

  1. Crude-oil futures settled with a more than 4% gain to reclaim the US$50-a-barrel level overnight, as better-than-expected jobless claims data in the U.S. and a higher economic growth forecast for the European Union helped improve the outlook for energy demand.

    On the New York Mercantile Exchange, West Texas Intermediate for March delivery jumped 4.2% to settle at US$50.48 a barrel. Prices lost more than double that amount in the previous session.

    U.S. jobless claims bounced off a 14-year low, boosting hopes ahead of nonfarm payroll data tomorrow. The European Union today also raised its growth forecast.

    Signs of economic improvement may lead to a boost in demand for energy, which may help reduce the glut of U.S. oil supplies.

    Brent crude climbed 4.5% to end at US$56.57 a barrel on London’s ICE Futures exchange.

     

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top

Thank you for visiting HotCopper

We have detected that you are running ad blocking software.


HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.