Brent oil price jumps $75 to $78 in one trading session

Brent oil prices jumped three percent in trading on Thursday, while US stocks logged their best one day percentage gain in three months, as investors saw data showing the US economy returned to growth in the third quarter as brightening the outlook for profits and oil demand. London Brent crude is currently trading just below $78 on the ICE Futures Exchange.

“More U.S. data is due later this day and positive numbers could provide a fillip to commodities and stocks,” said Tony Beiber, an analyst at Suncorp Bank. Friday’s data includes the University of Michigan consumer sentiment survey for October and the Institute of Supply Management Chicago’s October index for manufacturing activity.

Qatar, one of OPEC’s smallest producers, has notified at least two Asian term buyers that it will supply crude oil at full contracted volumes for December, steady with November levels, trade sources said on Friday.

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