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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.
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