Oil spikes more than US$18

Oil spikes more than US$18
Oil rose more than 10 percent overnight – the biggest one-day gain in a decade – continuing a rally sparked by the United States' rescue plan for its financial sector. Sweeping government measures to rescue the financial system and restore confidence in shaky markets spurred gains across markets on Friday, when oil rose almost 7 percent to cap its biggest three-day rally in a decade. US crude for October delivery, which expires Monday, rose US$11.38 or 10.9 percent, to to 115.93, a barrel by 1740 GMT – the biggest gain since June 22, 1998.

It actually ended jumping $18 in one day, the dizzying highs and sudden lows of the oil market are something that has been predicted by peak oil theorists for some time, as supply starts to recede there are volatile movements and we are playing that out now, this has been exacerbated by everyone desperately trying to get out of the stock exchange into oil. There is no relief for those hoping the oil price crunch was easing.