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Oil Jumps on G-20 Assurance
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ShareCrude oil prices rose above $53 on Friday, boosted by optimism that the G-20’s efforts to resuscitate the global economy may in turn lead to a rebound in energy demand. The benchmark crude delivery for May was up more than 2% to $53.90 a barrel in early trade on the New York Mercantile Exchange.
On Thursday, the summit of G-20 nations agreed to provide more than $1 trillion in emergency funds to help nations in the throes of the deepest recession since 1930. It also pledged for some accounting flexibility in toxic assets of U.S. banks. Consequently, oil futures made their biggest one-day percentage gain in three weeks.
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| Market Summary | Feb 10, 2012 05:12 am ET |
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