Oil posts fourth biggest daily gain on record
NEW YORK, June 29 (Reuters) - Oil surged on Friday in heavy trading to the fourth biggest daily gain on record, as a deal by European leaders to shore up euro zone banks triggered frantic short-covering by funds that had been riding crude's price collapse over the last quarter.I saw that news on Saturday. I immediately went out to check the price at the corner gas station. It was still $3.39. Between the price jump in crude oil and the approaching July 4th holiday, I decided to take no chances. I promptly filled up both my wife's car and my own. I haven't yet followed up to see if the price at the pump actually rose.
Despite the sharp gains, both international benchmark Brent and U.S. oil futures posted their biggest quarterly declines since the fourth quarter of 2008 due to weak demand, ample supply and economic worries.
Oil's gains for the day came as part of a wider market rally, with the euro and world stocks rising after euro zone leaders agreed on measures to cut soaring borrowing costs in Italy and Spain and recapitalize regional banks.
Brent crude oil futures rose more than $6 a barrel to near $98 while U.S. crude jumped by more than $7 to settle just below $85 a barrel -- the fourth largest daily gains in dollar terms since the contracts were launched.
And now, time for something silly in keeping with this month's theme.