US market volatile after oil price surge
Wall Street ended a volatile session mixed today as investors welcomed new government data showing a reinvigorated industrial sector but wrestled with a jump in oil prices that briefly sent crude futures above US$67 (€55.63) per barrel.
Crude oil futures surged higher after the Energy Department reported a larger-than-expected drawdown in the nation’s crude oil reserves, although the report also showed a surprise surplus in gasoline inventories. A barrel of light crude was quoted at US$66.35 (€55), up US$1.28 (€1.06), on the New York Mercantile Exchange after reaching US$67.40 (€55.97).
