Oil Surges With Focus on US Economy and Libyan Supply Outage
- US data shows nation’s economic growth is holding strong
- US stockpiles fell last week; Libya has halted some production
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Oil prices jumped on robust US economic data and worsening supply disruptions in Libya.
Brent rose 1.6% to settle just below $80 a barrel after losing more than 3% over the previous two sessions. West Texas Intermediate ended the session near $76 a barrel, close to its 200-day moving average, which has recently acted as a ceiling. The US economy grew at a slightly stronger pace in the second quarter, lifting equities.