Oil Jumps Most in a Day Since June, Snapping Red Streak For Now

Investing.com – Oil staged its strongest one-day rally in three months on Wednesday as buyers returned to a market pummeled since last week by worries of weak demand for fuel after the end of the U.S. summer driving season.

New York-traded West Texas Intermediate, the key indicator for U.S. crude, settled up $1.29, or 3.5%, at $38.05 per barrel. WTI fell 7.6% on Tuesday, extending last week’s 7.5%.

London-traded Brent crude, the global benchmark for oil, closed the New York trading session up $1.01, or 2.5%, at $40.79. Brent fell below the key $40 per barrel mark on Tuesday, losing 5.3% after last week’s 5.6% drop. Read more…..


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Icarus TV

CNBC’s Kelly Evans discusses why crude oil is lower amid the overall market dip with CNBC’s Brian Sullivan and Dan Pickering of Pickering Energy Partners.

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