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US Data & ECB Interest Rate Cut Lead to Huge Jump of Oil

May 2, 2013 at 22:10 by Vladimir Vyun

Crude oil jumped today, posting the biggest advance in six months as US macroeconomic data was positive and after the European Central Bank cut its main interest rate to stimulate the faltering economy of the eurozone.

The number of claims for jobless benefits fell from 342,000 to 324,000 last week. This was a pleasant surprise as specialists have expected an increase to 346,000. Other data from the United States was also positive, improving the traders’ sentiment.

The ECB made a move today, slashing its borrowing costs. Such an action was expected by market participants. Still, the decision led to hopes the the stimulating measures will allow the European economy to recover.

June futures for WTI crude climbed as much as $2.96 (3.3 percent) to $93.99 per barrel on NYMEX as of 22:08 GMT today, the biggest daily gain since November 6th. Contract for delivery of Brent crude surged $2.90 (2.9 percent) to $102.85 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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