Oil Caps Biggest Two-Day Gain Since 2009 as Volatility Climbs
- U.S. benchmark crude surged Thursday by most since March 2009
- Futures post first weekly advance since June in New York
Oil's Race to the Bottom and the Global 'New Normal'
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Oil capped the biggest two-day gain since 2009, sustaining a rebound above $40 a barrel amid signs of a strengthening economy in the U.S., the world’s biggest crude-consuming country.
Futures climbed 6.3 percent, extending a 10 percent gain on Thursday that was the biggest in more than six years. U.S. consumer purchases climbed in July as incomes grew, showing the biggest part of the nation’s economy was off to a good start in the second half of the year. This comes on the heels of data showing spending and the overall economy did better than previously estimated in the second quarter.