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Oil traders laud huge growth pact

LONDON--World oil prices surged on Friday with traders lauding a US$150 billion growth pact pushed through by the European Union after Italy and Spain lifted their opposition to it, analysts said.

Brent North Sea crude for delivery in August jumped US$2.06 to US$92.64 a barrel nearing midday in London.

New York's main contract, light sweet crude for August gained US$2.04 to US$79.73 a barrel.

Crude markets were rejoicing after Spain and Italy withdrew their opposition to the deal which enabled it to be passed, said Justin Harper, market strategist for IG Markets Singapore.

Prices were up “primarily because of the summit and this positive news that came out,” he told AFP.

“Because the expectations were so low to start with, people really weren't expecting anything to come out of it and we've got some positive development, obviously a lot of money, US$150 billion (120 billion euros),” he added.

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