29 June 2012 20:55 [Source: ICIS news]
HOUSTON (ICIS)--West Texas Intermediate (WTI) for August delivery rose by $7.27/bbl on Friday settling at $84.96/bbl, as European leaders agreed on a deal to cut Spanish and Italian borrowing costs and maintain a single currency.
The move boosted sentiment on the last trading day of the quarter in one of the worst years for oil.
The increase represents the largest one-day percentage gain for the front month in 2012. The gains caused WTI to close the week up by 6.5% from the close on 22 June.
August Brent crude closed the day at $97.80/bbl, up $6.44, largely on the same eurozone optimism.
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