The Traderszone Network

Published in TZ Latest News 28 August, 2015 by The TZ Newswire Staff

Oil steadies after strong gains as equities rally

Oil saw its biggest one-day bounce since 2009 on Thursday, with North Sea Brent and U.S. light crude rising more than 10 percent. Global oil markets have fallen by a third since May and are still well under half their value a year ago thanks to a huge oversupply of fuel and sluggish demand. A stock market rise, strong U.S. growth data and a pipeline outage in Nigeria provided an excuse for a recovery on Thursday, they added.