Oil jumped by the most in six and a half years on Thursday, rebounding from lows last seen during the financial crisis, as a surge in global stock markets and outages in two major Nigerians pipeline sparked a rally.
Royal Dutch Shell declared force majeure on shipments of Nigeria’s Bonny Light crude oil after shutting two pipelines, cutting supplies from Africa’s biggest oil producer.
Brent crude, the international benchmark, jumped by $4.42 a barrel in afternoon trading to settle at $47.56. The 10.2 per cent gain marked its biggest one day advance since December 2008.
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