(Reuters) - Oil futures marked their strongest gain in more than two years on Wednesday, snapping a four-day losing streak as traders turned briefly away from the bearish pressures of a worldwide glut to focus on technical trading ahead of options expiration.
Both U.S. and Brent crude oil shook off a U.S. government report which showed that U.S. crude oil stockpiles rose far more than expected last week due to rocketing domestic production, as the market instead focused on technical trades.
Brent crude LCOc1 rose $2.10, or 4.5 percent, to settle at $48.69 a barrel, in its strongest daily percentage gain since June 2012. The benchmark hit a low of $45.19 on Tuesday, the lowest since March 2009, amid increasing U.S. stocks and a continuing global supply glut.
U.S. crude CLc1 oil settled at $48.48 up $2.59, or 5.6 percent, the biggest gain since August 2012. U.S. gasoline futures lead the charge, rising more than six percent due to falling refinery rates.
Crude oil prices remained near six-year lows on Wednesday despite the spike. Prices have tumbled nearly 60 percent since June as strong global supply outpaces waning demand.
Both U.S. and Brent crude oil shook off a U.S. government report which showed that U.S. crude oil stockpiles rose far more than expected last week due to rocketing domestic production, as the market instead focused on technical trades.
Brent crude LCOc1 rose $2.10, or 4.5 percent, to settle at $48.69 a barrel, in its strongest daily percentage gain since June 2012. The benchmark hit a low of $45.19 on Tuesday, the lowest since March 2009, amid increasing U.S. stocks and a continuing global supply glut.
U.S. crude CLc1 oil settled at $48.48 up $2.59, or 5.6 percent, the biggest gain since August 2012. U.S. gasoline futures lead the charge, rising more than six percent due to falling refinery rates.
Crude oil prices remained near six-year lows on Wednesday despite the spike. Prices have tumbled nearly 60 percent since June as strong global supply outpaces waning demand.
