Economics
Oil Surges Most in Six Years on Faster U.S. Economic Growth
- Second-quarter U.S. GDP grows more than analyst estimates
- Shell issues force majeure on exports of Bonny Light grade
Oil Jumps Most in Six Years
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Oil jumped the most in more than six years, caught up in a relief rally that swept the globe as the U.S. economy grew more than predicted.
West Texas Intermediate futures rose 10 percent, the biggest gain since March 2009. U.S. gross domestic product grew at a 3.7 percent annualized rate in the second quarter, exceeding all estimates of economists surveyed by Bloomberg. The Standard & Poor’s 500 Index headed for its biggest two-day gain since 2009 as Chinese shares snapped a five-day losing streak.