Oil extends biggest gain in two years after stock market surge

Crude oil continued its biggest surge in two years as US equities recovered and Russia signaled that OPEC and its allies would be prepared to meet in order to help manage the oil market.

Photo: Bloomberg

Crude extended its biggest advance in two years after US equities rebounded and Russia signaled that OPEC and its partners would be willing to meet as needed to help manage the oil market.

Futures in New York rose as much as 1 percent Thursday after jumping 8.7 percent on Wednesday, the biggest increase since November 2016. The surge took the US oil benchmark above where it was before the Christmas Eve selloff. It came as equities had their first advance in five days, following assurance from the White House that Federal Reserve Chair Jerome Powell's job is secure. President Donald Trump also expressed confidence in the US economy.

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