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Oil surges 7% to above $31, carrying Europe to a week high

News Date: 22/1/2016 09:34:39
Oil prices extended their massive rebound from 12-year lows, as traders frantically close record sell positions after oil inventors rose less than expected in some U.S. sites, while ECB president Mario Draghi soothed investors worldwide by hinting at possible monetary easing measures at the bank's next meeting in March.

Brent crude futures soared two dollars, or nearly 7% to trade at $31.24 a barrel, far away from a 2003 low at $27.10. U.S. crude futures jumped $1.70, or nearly six percent to $31.22, flying far away from a 12-year low probed on Wednesday at $26.19.

Other commodities joined the rally, with copper futures gaining about one percent to move back above $2 at $2.014 a pound. Silver added 0.22% to trade at $14.14 an ounce, close to a two-week high at $14.22. Gold on the other hand suffered from the world-wide relief, as investors dump the safe haven in favor of riskier, higher-yield assets. The precious metal's futures gave up 0.31% to $1,095 an ounce.  

Energy shares jumped in tandem with the oil's recovery, carrying European shares with them to 7-day highs. The pan-European index FTSEurofirst climbed nearly three percent to 1,332, on track for a weekly gain of also 3%, the best in three months. Germany's DAX rose 222 points, or 2.31% to 9,794, while France's CAC 40 index jumped 3.50% to 4,353. Britain's FTSE climbed 130 points, or 2.21% to 5,900.

The U.S. dollar index, which measures the currency versus a basket of rivals, rose 0.3% to 99.41, while the yen tumbled to a two-week trough against the greenback at 118.34, down half a percent for the day. Sterling made an impressive showing, advancing 0.80% against the dollar to 1.4327, while plumbing a week high versus euro at 0.7550, up a massive 1.31%. The Canadian dollar rose to an 11-day high against its southern rival at C$1.4148, far away from a 13-year nadir hit earlier in the week at 1.4688.

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