European shares joined a global stock market rally on Tuesday as expectations rose that major central banks will take more action to support the world economy, after factory data highlighted the drag on growth being caused by the euro zone debt crisis.
LONDON - Oil rallied with other commodities and the euro on Friday, rising by $3 a barrel after European leaders agreed on a strategy to tackle soaring borrowing costs in Italy and Spain, but it was still set for the deepest quarterly loss since 2008.
An increasing number of analysts see oil prices averaging below $100 a barrel over the next two years as doubts about medium-term economic growth outweigh concerns about oil supplies, a Reuters poll found.
The price of oil fell below $79 a barrel on Monday due to concerns over Europe’s economic and financial woes. The drop was limited somewhat by a supply disruption from a storm that shut down about a quarter of crude output in the Gulf of Mexico.