ONDON (SHARECAST) - Crude prices surged over 5%, regaining most of the losses posted the previous day as hopes of an economic recovery heightened.
Better-than-expected jobless figures in the US and data showing Euro zone economic sentiment increasing raised hopes that the global economy is recovering. A string of positive corporate results also helped sentiment
On the corporate front, second quarter profit plunged 66% at Exxon Mobil, the world’s biggest oil company, on sharply lower crude prices and a weak demand outlook.
Royal Dutch Shell also saw its second quarter results hit by the low oil price, compared with the same period last year, as net profit slumped 70%.
US crude settled up $3.57 at $66.92 a barrel.
The weaker dollar helped gold post gains for the first time in three days. The December contract gained $7.60 to $937.30 an ounce.
