US oil prices rose 10.3 percent ($3.96) to $42.56 a barrel, a large change from the persevering low prices that were a result of global supply glut and worries about impact from China’s unstable economy. Analysts say this change was likely a reaction to the rebound of China’s main stock index, and are not convinced this high price would persist.
In fact, US consumers can still expect to see sharply lower gasoline prices as one up day would not make for an imminent recovery in crude oil or gasoline, said Tom Kloza, global head of energy analysis at Oil Price Information Service.
The improvement in the US economy has also boosted oil prices. A recent government report showed that the economy grew 3.7 percent in the second quarter, significantly ahead of the initial forecast of 2.3 percent.