U.S. oil futures on Monday marked the best single-session rally in nearly a year–on a dollar basis–as the crude market was rattled by political disruptions over the weekend in Saudi Arabia that saw officials and members of the royal family detained. December West Texas Intermediate crude-oil futures closed up $1.71, or 3.1%, at $57.35 a barrel, marking the sharpest move on a dollar basis for a most-active contract since Nov. 30, when prices jumped $4.21, or 9.3%, in a single session after the Organization of the Petroleum Exporting Countries struck an agreement to cap output and stabilize oil prices, according to FactSet data. On a percentage basis, the rally for U.S. listed oil was the biggest one-day rise since Sept. 25.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News