Oil Gains a Second Day on ECB Bank Move, US Data

Reuters reports that oil prices surged as Europe moved closer to helping the region’s troubled banks and U.S. data showed jobless benefit claims are lower than expected last week.

As quoted in the market news:

Worries about Europe’s sovereign debt crisis, a drag on commodities and equities, eased when European Commission President Jose Manuel Barroso said the EU’s top executive body proposed a coordinated recapitalization of banks. Markets were further bolstered after German Chancellor Angela Markel said Europe should not hesitate to recapitalize its banks if this prevents greater economic damage.

New claims for U.S. unemployment benefits rose less than expected last week, feeding hopes for an improved labor marketnon the eve of the September non-farm payrolls report.

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