Oil futures jumped by more than 10% on Thursday, with the U.S. benchmark adding to already large gains following a report that Venezuela asked the Organization of the Petroleum Exporting Countries to hold an emergency meeting.
West Texas Intermediate crude for delivery in October jumped $3.96, or 10.3%, to settle at $42.56 a barrel on the New York Mercantile Exchange. That was the largest single-session percentage gain for a most-active contract since March 2009. Prices had settled on Monday below $39 for the first time since February 2009.
October Brent crude LCOV5, +0.21% on London’s ICE Futures exchange climbed $4.42, or 10.3%, to $47.56 a barrel for the biggest percentage gain since December 2008.