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Crude Gains Close to 3%

By International Business Times,  November 25, 2010, 03:08:21 AM EDT

Oil prices rose more than 3% on Wednesday as data that suggested economic recovery is improving and pre-Thanksgiving holiday short covering helped oil post its biggest percentage gain in four months.
Crude oil advanced today for the most in four months following a report showed that U.S. Unemployment Claims dropped to the lowest level since 2008, boosting optimism that the economic recovery will accelerate. Jobless claims declined by 34,000 to 407,000 in the week ended November 20, beating estimations for 434.000 unemployment applications.
Looking ahead to tomorrow, U.S. banks will be closed in observance of Thanksgiving Day. Traders are advised to follow the updates regarding the Irish debt crisis, as any development on this issue is likely to have a large impact on the market.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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