Oil Price Jumps More than 10 Percent Marking Biggest Gain Since 2009

Reuters reported that oil price soared more than 10 percent on Thursday, its biggest one-day rally since 2009 as equity markets recover and news of diminished crude supplies hit the space.
As quoted in the market news:

Snapping back from a deep two-month slump that knocked U.S. crude to 6-1/2 year lows below $40 this week, oil climbed as world stock markets rose on hopes Chinese government measures to stimulate the economy would pay off, while the dollar strengthened as risk aversion eased.
The rally was aided by news of a force majeure on Nigerian oil exports declared by Shell RDSa.L and private data indicating more drawdowns in crude this week at Cushing, Oklahoma, traders said. A big upward revision in second quarter U.S. economic growth helped.
Front month Brent crude LCOc1 for October more than reversed a week’s worth of losses, rising $4.42 to settle at $47.56 a barrel, marking a 10.25 percent rise. Gains accelerated toward the close, locking in the biggest one-day jump since late 2008, when prices were bouncing back after the financial crisis. The contract traded on Monday at a March 2009 low of $42.23.

Click here to read the full Reuters report.