Oil jumped above US$79 a barrel Friday in Asia, bouncing off an eight-month low after European leaders agreed to use the continent\'s bailout fund to funnel money directly to struggling Spanish banks.
Benchmark oil for August delivery was up US$1.60 at US$79.29 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell US$2.52 to settle at US$77.69, the lowest close since October, in New York on Thursday.
In London, Brent crude for August delivery was up US$1.30 at US$92.66 per barrel on the ICE Futures exchange.
Policymakers said at an EU summit early Friday that they would create a unified bank supervisory board and allow a rescue fund to recapitalize Spain\'s banks without boosting government debt.
Benchmark oil for August delivery was up US$1.60 at US$79.29 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell US$2.52 to settle at US$77.69, the lowest close since October, in New York on Thursday.
In London, Brent crude for August delivery was up US$1.30 at US$92.66 per barrel on the ICE Futures exchange.
Policymakers said at an EU summit early Friday that they would create a unified bank supervisory board and allow a rescue fund to recapitalize Spain\'s banks without boosting government debt.