30 Jun '12, 2pm

Oil posts fourth biggest daily gain on record - Today's Most Interesting News! - San Francisco Luxury News: U.S....

Oil posts fourth biggest daily gain on record - Today's Most Interesting News! - San Francisco Luxury News: U.S....

Fuel pumps are seen at a Cepsa Petroleum petrol station in Cuevas del Becerro, near Malaga, southern Spain March 4, 2011. Credit: Reuters/Jon Nazca By David Sheppard NEW YORK | Fri Jun 29, 2012 4:43pm EDT NEW YORK (Reuters) – Oil surged on Friday in heavy trading to the fourth biggest daily gain on record, as a deal by European leaders to shore up euro zone banks triggered frantic short-covering by funds that had been riding crude’s price collapse over the last quarter. Despite the sharp gains, both international benchmark Brent and U.S. oil futures posted their biggest quarterly declines since the fourth quarter of 2008 due to weak demand, ample supply and economic worries. Oil’s gains for the day came as part of a wider market rally, with the euro and world stocks rising after euro zone leaders agreed on measures to cut soaring borrowing costs in Italy and Spain and reca...

Full article: http://sfluxe.com/2012/06/30/oil-posts-fourth-biggest-dai...

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