Baku – APA-Economics. The price of oil spiked dramatically on Friday following positive developments in Europe where a deal was struck to help Spanish banks and steps to greater fiscal and banking union were made.
The oil price increased the most in about three years, with ICE August Brent crude up 7 per cent, to US$97.80 a barrel and Nymex August West Texas Intermediate up 9.4 per cent to $84.96.
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