Oil up 5 percent on global tensions, soft dollar

By Richard Valdmanis NEW YORK (Reuters) - Oil prices rose nearly 5 percent on Thursday, the biggest gain in more than two months, driven by rising tensions between the United States and energy behemoth Russia. The gains cap a rebound of more than $8 in oil prices so far this week that have put a dramatic end to a more than 20 percent slide since mid-July, leaving analysts mixed over whether oil's next big move is up or down. "This is a geopolitically driven bounce," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Illinois. "But it might be premature to say that we've seen the bottom as the market's focus could revert very quickly to demand deterioration." U.S. crude gained $5.60, or 4.85 percent, to stand at $121.16 a barrel by 12:45 p.m. EDT, the biggest percentage gain since June 6. London Brent crude... [read full story]