Oil posts fourth biggest daily gain on record

Up, up and away: Oil posts big gain at quarter's end

Kathrine Schmidt

 29 June 2012 20:41 GMT

Oil surged on Friday in heavy trading to the fourth biggest daily gain on record, as a deal by European leaders to shore up euro zone banks triggered frantic short-covering by funds that had been riding crude's price collapse over the last quarter.

Despite the day's sharp gains, both international benchmark Brent and US oil futures posted their biggest quarterly declines since the fourth quarter of 2008, Reuters reported.

On the day Brent crude oil futures rose more than $6 a barrel to near $98 while US crude jumped by more than $7 to settle just below $85 a barrel -- the fourth largest daily gains in dollar terms since the contracts were launched.

Oil rallied along with the euro and world stocks after eurozone leaders agreed on measures to cut soaring borrowing costs in Italy…

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