RTRS: U.S. crude surges $2 on storm watch, economic data
NEW YORK July 22 (Reuters) - U.S. crude oil futures rose more than $2 on Thursday as an increased possibility of a tropical storm for the Gulf of Mexico and better-than-expected economic data provided lift to equities markets.
The dollar's weakness against a basket of currencies and the euro also provided a boost as oil prices rebounded after losing more than 1 percent in the previous session.
On the New York Mercantile Exchange, September crude CLU0 rose $2.30, or 3.0 percent, to $78.86 a barrel by 11:03 a.m. EDT (1503 GMT), having traded from $76.16 to $78.95.
The intraday peak was the highest front-month crude price since crude prices reached $79.38 on June 28. (Reporting by Robert Gibbons)
