Oil Prices Increase by 8%, Brent Crude Reaches $54.47 a Barrel

December 27, 2018

Oil prices rose on Wednesday, posting the biggest daily gain in more than two years in a partial recovery from the heavy losses that have led the benchmark materials to low levels not recorded since 2017.

U.S. crude and Brent crude rose nearly 8% in their biggest daily gain since 30 November 2016, when the Organization of the Petroleum Exporting Countries (OPEC) signed a production cut agreement. But it is not clear whether this move will continue as more employees return to trading platforms after the New Year.

Global Brent crude increased by $4, or 8%, to settle at $54.47 a barrel.

U.S. crude rose $3.69 a barrel, or 8.7%, to $46.22 per barrel. Even with Wednesday's gains, U.S. crude is still 40% below its highest close in October, which exceeded $76 a barrel.