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…..
Chart of the Day
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.