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.
|