Oil Jumps

Crude oil prices had its biggest daily advance since 2012, with Brent jumping nearly 8 percent to $52.99 a barrel on Friday. Oil services giant Baker Hughes reported the oil rig count fell to a three-year low, signaling that the almost 60 percent slump in oil prices in the past seven months will slow production. Chevron, for example, announced today that it will cut spending in response to free-falling prices. (Bloomberg, 30 January)