Economic news

Oil surges following lowest marks in a year, excess supply outlook holds

Prices of oil put on $1 today recovering a part of yesterday’s falls, however gains were bridled by an increase in U.S. inventories and the trend of the global economy.

Photo: Reuters

Brent reached $53.17 per barrel, jumping $1.01 or 1.94%, while an intra-day peak was at 3.1% growth.

U.S. WTI futures got as high as $45.71 for a barrel, $1.10 or 2.47% upswing, with a temporary spike of 3.6% during the session.

Yesterday’s plunge brought prices to minimums of over a year, which came following the day of the fastest rises in two years, as the prospects of an overabundant supply and global economic trajectory pulled them down.

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