Michael Galvis: Oil Jumps With Stimulus Approval.

NEW YORK (CNNMoney.com) — Oil prices jumped Friday by the largest amount in a single-day since the end of 2008 as a $787 billion stimulus bill designed to jump-start the economy moved one step closer to full congressional approval.

U.S. crude for March delivery ended the trading day up $3.53 to $37.51 a barrel in New York. The largest previous single-session increase came on Dec. 31, 2008, when prices rose by $5.57 a barrel.

The final version of the hotly debated bill was approved by House of Representatives by a vote of 246 to 183 Friday.

The bill is expected to be approved by the Senate as well, and given to President Obama to sign by Monday, Presidents Day.

“To some extent that may be contributing to some willingness to take on more risk,” said Rachel Ziemba, energy analyst with research firm RGE Monitor.

Concern about the U.S. economy and its corresponding demand for petroleum-based fuels has helped send crude prices plummeting from a record high of $147.27 a barrel last summer.

The Obama administration’s economic team says the stimulus plan will create or save 3 million to 4 million jobs.

However, some say the package doesn’t go far enough to address the economy’s underlying problems.

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