Oil Prices Explode Higher, Biggest Gain In 3 Years

oil rigs

Photo: adamfarnsworth on flickr

Crude futures moved sharply higher Friday on renewed hopes that a newly proposed Eurozone rescue plan might actually work.August WTI crude oil contracts finished the day up 9.4 per cent to hit $84.96, while Brent futures gained 6.9 per cent to reach $97.69. 

It was the biggest gain in three years, according to Bloomberg.

The rally also drew strength from the EUR/USD trade zooming up after a lengthy slump. The currency gained nearly 2 per cent on the dollar to hit $1.265.

Oil producers including Halliburton, Schlumberger and Baker Hughes were all trading up more than 2 per cent.

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