Oil Surges the Most in Four Months as U.S. Jobless Claims Drop

Crude oil climbed the most in four months after U.S. jobless claims fell to the lowest level since 2008, bolstering optimism the economic rebound will accelerate.

Oil rose 3.2 percent after the Labor Department said applications for unemployment benefits declined by 34,000 to 407,000 in the week ended Nov. 20. Futures briefly pared gains after the Energy Department reported an unexpected increase in U.S. inventories last week.