Crude Rises in New York on U.S. Economy, German Passage of Bailout Bill

Bloomberg reported that oil surged after the U.S. government’s report for the second quarter economy grew faster than previously estimated and German parliament approved an expanded European bailout fund.

The market news is quoted as saying:

“The GDP figure was better than expected, and that’s given the market a good old boost,” said Matt Smith, a commodities analyst with Summit Energy Services Inc. in Louisville, Kentucky. “The jobless numbers in conjunction with GDP and the personal consumption numbers have just buoyed the market after the positive news out of Europe.”

The U.S. economy grew at a 1.3 percent pace in the second quarter, compared with a 1 percent gain calculated last month, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg News was 1.2 percent, following a 0.4 percent increase in the first three months of the year.

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