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Oil Extends Biggest Gain in Two Years After Stock Market Surge

  • West Texas Intermediate crude adds 1 percent on Thursday
  • Crude gains after equities advance for first time in five days
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Oil's Decline Has Been Overdone Says CFRA's GlickmanSource: Bloomberg
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Crude extended its biggest advance in two years after U.S. equities rebounded and Russia signaled that OPEC and its partners would be willing to meet as needed to help manage the oil market.

Futures in New York rose as much as 1 percent Thursday after jumping 8.7 percent on Wednesday, the biggest increase since November 2016. The surge took the U.S. oil benchmark above where it was before the Christmas Eve selloff. It came as equities had their first advance in five days, following assurance from the White House that Federal Reserve Chair Jerome Powell’s job is secure. President Donald Trump also expressed confidence in the U.S. economy.