Oil futures jumped on Thursday, rebounding on the back of what analysts referred to as “oversold” conditions, as reports of attacks on Libyan oil terminals reminded the market of the risks to supplies in the Middle East.
Advances for oil came despite a hefty increase in weekly U.S. crude inventories. The natural-gas market, meanwhile, mulled their own supply data, which revealed a smaller-than-expected weekly decline.
March West Texas Intermediate crude picked up $1.60, or 5.7%, to $29.95 a barrel on the New York Mercantile Exchange, briefly touching a high of $30.14. Moves for WTI have come in fits and starts Thursday. It was trading around $28.57 before the supply data and fell initially after the data before surging higher after the Libya news.
March-dated Brent crude the global oil benchmark, jumped $1.62, or 5.9%, to $29.52 a barrel on London’s ICE Futures exchange.
Both benchmarks had fallen to their lowest levels since 2003 on Wednesday.
Source : Marketwatch