By Nick Godt, MarketWatch
NEW YORK (MarketWatch) — Crude-oil futures jumped early Thursday as hope mounted for an aid package to Ireland, while U.S. jobless claims rose less than expected in the latest week.
Crude oil for January delivery added $1.55, or 1.9%, to $82.59 a barrel.
Central Bank of Ireland Governor Patrick Honohan said Dublin was likely to tap a loan worth “tens of billions” of euros, expected to be made available after talks with the European Union and the International Monetary Fund. Read more about the potential bailout for Ireland.
“There is nothing more bearish for oil than a debt crisis and nothing more bullish than a bailout,” said Phil Flynn, energy analyst at PFGBest, in a note.
On Wednesday, crude oil fell more than 2% to its lowest settlement in four weeks as China’s moves to curb inflation worried some, even as a surprise drop in energy inventories provided support.
