US Crude Futures Rally 10%, Move Above $42/bbl

U.S. crude futures jumped more than 10 percent on Thursday as recovering equity markets and supply disruption news sparked a short-covering rally.

 

U.S. October crude was up $3.80, or 9.84 percent, at $42.40 a barrel at 2:22 p.m. EDT (1822 GMT). It earlier traded as high as $42.75, a jump of more than 10 percent that was the strongest percentage gain since March 2009.