Price of oil bounces back sharply ยป financialsurfer.com

Price of oil bounces back sharply

July 30th, 2009 | Category: Economy
Sharply higher global stocks have pushed oil prices higher, clawing back almost all of Wednesday’s big falls. US light crude was up $3.66, or almost 6%, to $67.01 a barrel, while London Brent was ahead by $3.68, at $70.21. US light crude slumped $3.88 on Wednesday after figures showed a rise in US oil stockpiles, indicating too much supply in relation to demand. Renewed confidence in stock markets, sparked by a series of encouraging corporate …

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