Crude-oil futures leaped more than $16 a barrel Monday to score their biggest one-day gain in dollar terms since 1984 — when crude began trading on the New York Mercantile Exchange.
Crude futures rallied Monday to a high of $130 a barrel — their highest intraday level in two months — buoyed by a steep drop in the U.S. dollar and speculation that the Bush administration’s proposal to stabilize the financial sector might help revive economic growth.
Trading was halted for five minutes after the October crude contract reached the daily price-movement limit of $10 per barrel. Under trading rules, the price-change limit is increased by another $10.
Crude for October delivery rose $16.37, or 15.7%, to close at $120.92 a barrel on the New York Mercantile Exchange.
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