Oil prices jump amid uplifting data

GMT 10:58 2015 Friday ,28 August

Arab Today, arab today Oil prices jump amid uplifting data

Oil prices high
New York - XINUA

Oil prices rebounded strongly Thursday as U.S. economic data topped investors' expectations.

The U.S. Commerce Department on Thursday revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, much higher than a growth of 0.6 percent in the first quarter.

The upbeat economic data from the top oil consumption country helped support the market.

Oil prices soared to the biggest one-day increase since 2008, also boosting the resurgence of global equity market.

U.S. stocks continued to rally Thursday, as growth concerns eased.

Oil price has reached a 6-year low early this week amid the worries of global economic slowdown and ample supplies.

The West Texas Intermediate for October delivery moved up 3.96 U.S. dollars to settle at 42.56 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery increased 4.42 dollars to close at 47.56 dollars a barrel on the London ICE Future Exchange.

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