Oil scores biggest one-day rally in a month

Oil futures climbed on Thursday, with the U.S. benchmark scoring its biggest rally in a month as disappointing manufacturing data from China and the eurozone boosted prospects for economic stimulus measures, which could help increase energy demand.

July crude CLN5, -0.25%  added $1.74, or 3%, to settle at $60.72 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, that was Nymex oil’s largest one-day point and percentage gain since April 20 and the highest settlement in more than a week, according to FactSet data.

July Brent crude LCON5, -0.29%  on London’s ICE Futures exchange rose $1.51, or 2.3%, to $66.54 a barrel.

As the Federal Reserve “looks to defer interest rate hikes amid economic softness, and as Chinese manufacturing showed contraction once again, and as the eurozone economy sees slowing in both its manufacturing and services sectors, crude is back in the realm of ‘bad is good’ and rallying,” said Matt Smith, commodity analyst at Schneider Electric.

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