Oil price jumps on recovery hopes

Thursday, June 17, 2010

The price of oil has jumped sharply to above $75 a barrel as rising stock markets helped to boost confidence in the global economic recovery.

US light crude rose by more than $2, or 3 percent, a barrel, to $75.90, before slipping slightly. Brent was up $1.8 a barrel to $76.13, before falling back.

Strong eurozone industrial production figures helped to push stocks higher in Europe and, initially, in the US.
But US stocks fell back after Moody's rating agency downgraded Greek debt.

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