Crude futures moved sharply higher Friday on renewed hopes that a newly proposed Eurozone rescue plan might actually work.
August WTI crude oil contracts finished the day up 9.4 percent to hit $84.96, while Brent futures gained 6.9 percent to reach $97.69.
The rally also drew strength from the EUR/USD trade zooming up after a lengthy slump. The currency gained nearly 2 percent on the dollar to hit $1.265.
Oil producers including Halliburton, Schlumberger and Baker Hughes were all trading up more than 2 percent.
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