Oil Jumps as Chinese Equity Rally Sparks Investor Optimism
- Mexico willing to work with OPEC to stabilize oil, Iran says
- Euro-area economic growth higher than initially reported
Oil Supply Surge Adds Price Pressure to Producers
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Crude rallied in London, almost reaching $50 a barrel, as a late-day surge in Shanghai stocks spurred investor optimism across global markets.
Brent futures gained 4 percent, reversing a two-day decline, as shares rose globally. West Texas Intermediate oil lagged in New York as the end of the U.S. summer driving season signaled lower demand from American refiners. WTI settled for the first time since Friday because of the Labor Day holiday on Monday, adding to the divergence between the crude grades.