us crude oil soars 88 to 4920 a barrel
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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US crude oil soars 8.8% to $49.20 a barrel

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Arab Today, arab today US crude oil soars 8.8% to $49.20 a barrel

US crude oil
New York - AFP

US crude oil closed nearly nine percent higher Monday as the government lowered its domestic crude production estimate and OPEC signaled concern about multi-year low prices.

US benchmark West Texas Intermediate for October delivery jumped $3.98 (8.8 percent) to $49.20 a barrel on the New York Mercantile Exchange. It had rebounded more than 11 percent over the five previous sessions, its biggest increase in four and a half years.

 

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