Crude Oil Sees Biggest Jump In 6 Years

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, August 28, 2015, 8:17 [IST]

Brent crude saw one of its biggest rallies in 6 years as worries over China growth faded and stock markets across the globe rallied.

Brent crude was hovering near the $47 mark and was steady after Thursday's super rally. Markets were worried that crude was getting into over sold territory and a sustained fall could badly impact markets.

There may also have been a short covering rally in crude which had been hammered down towards the early part of the week.

But optimism was restored after US economic data came in better than expected and hopes of an interest rate cut in the US in Sept faded.

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