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THE WALL STREET JOURNAL Markets Alert

U.S. Oil Rises 10% on Economic Data

U.S. oil prices on Thursday logged their biggest one-day rally on a percentage basis since 2009, as positive U.S. economic data spurred a rebound for a market that has been trading at six-year lows.

The U.S. benchmark crude contract settled up $3.96, or 10%, at $42.56 a barrel on the New York Mercantile Exchange. Brokers and traders said the surging prices were in part driven by traders closing out short bets against the market as prices surged.

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