Commodities
Oil Jumps as US Gulf Hurricane Spurs Short-Covering by Traders
- Hurricane Francine makes offshore drillers halt operations
- API reports US crude, gasoline inventories fell last week
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Oil climbed the most in two weeks as Hurricane Francine ripped through key oil-producing zones in the US Gulf of Mexico, prompting traders to cover bearish bets.
West Texas Intermediate rose more than 2% to settle above $67 a barrel, erasing most of the previous day’s plunge. Global benchmark Brent crude advanced to top $70 a barrel.